Understanding how students decide whether to participate during collaborative learning activities and what factors are their main concerns is important for efficient use of such activities in or out of the classroom. Based on evolutionary game theory, this study proposed a game model for collaborative learning that aimed to analyze the dynamic process by which bounded rational students adapt their strategies in collaborative learning. Based on the analysis of evolutional stable strategy in the model, the results identified perceived academic value, social gains, and social loss as motivators resulting in collaboration, while the cost of effort and time acted as the major barrier to collaborative learning. In addition, this study focused on the joint influence of these factors on students' collaborative learning behavior. It further provided several implications for developing theory-building of collaborative learning and educational policymaking.