This paper focuses on why there is little proactive disclosure of philanthropic project failures. Based on the reality of the interplay among the principals，the agents，and the public supervisors in commissioned philanthropic projects，the study innovatively introduces game-theoretic perspective and analyzes the hidden issues surrounding project failure in the interaction with qualitative research experiences. The study finds that：under the expectation of the project actors on the tendency of the public supervisors，the perceived risks and benefits embedded in a reduced sequence of actions guide the principals to make rational choices to hide the failure of the project from the public；there is not a uniform scene behind the failure concealment of commissioned philanthropic projects，but rather，there are four types of characterized by different combinations of actors’ engagement in correction and the extent of project-level rectification；promoting the shift of public supervision towards a constructive approach can effectively solve the dilemma and facilitate the correction of failed projects.