Under the “dual carbon” goal, the express delivery industry is being subject to green transformation, and circular express packaging comes into being. However, the promotion process and results are not ideal. An evolutionary game model of express delivery companies, couriers and consumers was constructed, aiming to explore the stability and influencing factors of the evolutionary equilibrium of the three parties in the promotion process of circular express packaging, and it was analyzed and verified using Matlab. The results show that government rewards and punishments, spillover benefits of express delivery companies, and reputation changes prompt express delivery companies to promote circular express packaging. The rewards and punishments of express delivery companies and the psychological benefits of couriers promote their active cooperation. Subsidies and rewards from the government and express delivery companies, as well as psychological benefits for consumers, encourage their active participation.