Abstract: In the digital era, deepfake technology pervades cyberspace, undermining the authenticity, transparency, and credibility of public governance through deception and threatening public and national security. Research shows that deepfake risks emerge from a dynamic, multi-mechanism process:technological capitalization kick-starts rapid commercialization; capital's power transformation weaponizes the technology for social manipulation by spreading misinformation; the risk catalysis mechanism is exacerbated by the low technical threshold and the manipulation of platform algorithms; positive feedback loops reinforce false content during diffusion; and finally, the risk transmission mechanism amplifies cross-domain and multi-level harm. Thus, a holistic governance framework integrating legal regulation, policy oversight, institutional standardization, international cooperation, and public participation is essential to ensure the legal and orderly application of deepfake technology in public governance.