The formation and development of industrial clusters will inevitably form the cluster brand, as the cluster brand is generated by the common production areas of enterprises, so the cluster brand is a public good, and it has the basic features of non-exclusive, non-competitive and external economies, etc. In the creation of the cluster brand, there exists the free-riding behavior in a large number of companies, so it can bring risks to the creation and maintenance of cluster brand. The paper obtained that by the method of game theory: In the absence of external-force constraints, the investment of enterprises in cluster brand is insufficient; when there are too many enterprises in the cluster, the probability of participating in creating cluster brand for enterprises will be very low. Finally, the strategies and suggestions of creating the cluster brand are put forward in this paper.