Abstract: The application of blockchain technology can effectively alleviate the issues of difficult and expensive financing for small and medium-sized enterprises(SMEs),yet its adoption in SMEs financing is not widespread. A tripartite evolutionary game model for supply chain order-to-factoring financing composed of first-tier and second-tier suppliers of SMEs with limited funds and retailers of core enterprises was constructed. Taking the traditional financing model and the blockchain financing model as the strategy sets, the impact of factors such as blockchain technology costs, accounts receivable terms, guarantee rates, and other factors on the system’s financing evolution and the financing decisions of supply chain members was analyzed. The results show that among the participants, the primary supplier has the strongest preference for adopting the blockchain financing model, followed by the retailers, while the secondary supplier shows the least interest. The overall financing strategy of the system tends to evolve towards the blockchain financing model, with the decision of the secondary supplier playing a decisive role. The main reasons for the limited application of blockchain technology in financing for SMEs are the high cost of blockchain, long accounts receivable terms, and high guarantee rates. Controlling these factors within reasonable limits, particularly safeguarding the interests of secondary suppliers, would promote the use of blockchain technology in SMEs financing. In order to facilitate the application and promotion of blockchain technology in SMEs financing, it is suggested that enterprises should prioritize long-term cooperative relationships with upstream and downstream enterprises as the foundation for common development; Technology companies integrate other fintech solutions with blockchain technology in conjunction with relevant policies; The government enhances guidance and regulation of blockchain technology applications.