Abstract: As a product of the intermingling of social governance and technocracy, urban smart governance is key in strengthening governance effectiveness and improving governance efficiency. Along with the urban smart reform into the deep water zone, the emergence of various new types of challenges, and the complexity of the governance situation, the collaborative governance of multiple subjects has become an important direction for the reform of urban smart governance. With the help of the actor-network theory framework, the study explores the process of actor-network construction, the interaction between multiple actors, the existing problems, and the possible optimization direction in urban smart governance. It is found that China’s urban smart governance is rooted in the four translational elements of problematization, benefit empowerment, recruitment, and mobilization, and has already constructed a governance pattern with the participation of multiple actors. Still, the lagging structure of the collaborative governance system, the weak supporting environment for translation, and the insufficient synergy of the multiple actors have seriously slowed down the enhancement of its governance effectiveness. In the future, urban smart governance needs to be based on structural empowerment, reserve energy storage as a guarantee, and cooperation and innovation as a means to promote the innovative reform of urban smart governance as a whole, and to construct a community of urban smart governance.