While natural and ecological integration in the Mekong River basinwere well-sustained for thousands of years, for now being segmented by6 national borders, the cost and benefit of the Mekong River developmentwas divided with asymmetry structure. There have been seriouscontroversies and conflicts among Mekong River riparian states withregard to various kind of the Mekong development, especially on theconstruction of hydropower dam in the Mekong mainstream. Recentlythe issues were even more complicated by the participation of privateenterprises and Non-government organization(NGO). The article makes effort to synthesize the benefits and costs of eachstakeholder who is participating in the Mekong hydropowerdevelopment. Thus, this study attempts to make different researchoutcomes with the existing studies, observing the each and all perspectives of states, civil society, international organizations andenterprises on Mekong River development with objective descriptions. Then it analyses to recognize with balanced perspective what the essenceand current affairs is on the Mekong River hydropower development. Thearticle will also examines the distinct standpoints of each stakeholdergroups, whether the support or oppositions on the Mekong Riverdevelopment, that were the states' development strategy, economicinterests, political power, environmental considerations and the rights tolive of local residents in the River.