Megaprojects carry high risks and many uncertainties, are difficult to coordinate, and involve many stakeholders. Traditional project management concepts and strategies have been proven to be less-than-efficient for modern megaprojects. To a certain extent, project governance could effectively resolve some limitations that traditional project management shows, including the clarification of responsibilities, privileges, and benefits between participating stakeholders. This study contributes to the development of a comprehensive conceptual governance model, specifically for megaprojects, that quantifies governance status over the period of megaproject development and delivery. A megaproject case study in China was used to demonstrate the way this model could facilitate a dynamic governance research approach. We also found project governance status and project performance to be positively correlated. Adjusting governance strategies properly and in a timely manner could help improve the overall project development, and as a result, lead to successful project delivery.