Continuing education should play an important role in the construction of a lifelong learning system in colleges and universities serving all the people. However, due to historical, management and other reasons, there has been a governance failure in the continuing education therein. The triple helix theory in management is appropriate in the construction of a collaborative governance mechanism of continuing education. The basic principles include the congruence of the goals, being visionary of the future potential, orienting towards the market and correlating with demands. In constructing the collaborative governance mechanism model of continuing education in colleges and universities with learners as the center, the government should dominate the dynamic mechanism, promoting the construction of governance system by legislation, promoting school enterprise cooperation by policy guidance and setting up projects to assist deep cooperation. Colleges and universities should optimize the driving mechanism, set up the mode of continuing education council as the system mechanism, regularly develop courses for on-the-job personnel, undertake recruitment target training for enterprises and industries, and promote the implementation of the “Internet +” blended mode of teaching. The society should strengthen the participation mechanism. Enterprises should attract universities to set up continuing education teaching centers, and set up various incentive foundations or research institutions in universities. Industrial organizations should explore the third-party evaluation of continuing education in universities.