Abstract: The emergence of blockchain technology can effectively alleviate the problem of difficult and expensive financing for small and medium-sized enterprises, but in reality, blockchain technology is not widely used in the financing of small and medium-sized enterprises. A tripartite evolutionary game model for supply chain order-to-factoring financing composed of first-tier and second-tier suppliers of small and medium-sized enterprises with limited funds and retailers of core enterprises was constructed. Taking the traditional financing model and the blockchain financing model as the strategy set, the impact of each factor on system evolution and the financing decisions of supply chain members and was analyzed. The results show that the willingness of the first-tier suppliers to choose the blockchain financing model is the strongest, followed by the retailers, and the second-tier suppliers are the lowest. The system evolves to a blockchain financing model, and the decision-making of secondary suppliers plays a decisive role. The main reasons for the limited application of blockchain technology in financing for small and medium-sized enterprises are the high cost of blockchain, long accounts receivable terms, and high guarantee rates. Therefore, controlling the cost of blockchain, the account receivable period and the guarantee rate within a reasonable range to protect the interests of all suppliers, especially secondary suppliers, is conducive to the application and promotion of blockchain technology in the financing of small and medium-sized enterprises. Accordingly, it is proposed that enterprises should consider the long-term cooperative relationship between upstream and downstream enterprises as the foundation for common development; Technology companies should integrate other fintech technologies with blockchain technology in conjunction with relevant policies; the government should give full play to its own guiding and leading role.