Abstract: The cultivation of college students' philanthropy spirit is not only an important part of the university talent training strategy, but also a concrete embodiment of the university's social responsibility. This paper attempts to put the cultivation of the philanthropy spirit of college students under the framework of the sustainable development of the university foundation, and to view the cooperation of different modules of the university from the perspective of mutual benefit. Through the review of the existing literature and the mutual understanding of the basis and purpose, this paper builds a mutual benefit framework from the organization, project, resources and other aspects. The paper puts forward some suggestions such as focusing on undergraduate groups, exploring long-term mutual benefit mechanism, and innovating students' participation methods, which not only help to improve the level of college students' philanthropy cultivation, but also are useful supplements to the university foundation's sustainable development strategy.