Supply chain collaboration is an important guarantee for improving the performance of prefabricated construction projects and exerting its advantages. The aim of this study was to explore the level and effect of supply chain collaboration under a no-cost-sharing contract, a cost-sharing contract, and a centralized decision-making contract. A dynamic incentive model of prefabricated building supply chain collaboration based on the differential game model was proposed. Considering the impact of BIM on collaboration, the BIM application level was also introduced into the incentive model. Through the comparative analysis of model solution results and numerical simulation, it was found that, in the centralized decision-making contract, the optimal collaborative effort and the optimal total revenue of enterprises in the prefabricated building supply chain were the largest; the optimal collaborative effort of enterprise in the prefabricated building supply chain reduced first and then tended to be stable; and the improvement of the BIM application level could promote collaboration in the prefabricated building supply chain. The results of this study are helpful for managers to select and formulate a reasonable collaboration incentive contract in the prefabricated building supply chain.