This study focuses on the issues of the selection and coordination of the third-party remanufacturing outsourcing modes, comparing the manufacturer outsourcing mode and retailer outsourcing mode. The results show that the quantities of new products, the profits of the original equipment manufacturers and channel systems are higher in the manufacturer outsourcing mode than that in the retailer outsourcing mode, but the retailer outsourcing mode enjoys higher remanufacturing products, outsourcing price and three-party remanufacturer profit. Therefore, the manufacturer outsourcing mode has higher consumer surplus but inferior environmental performance. When the advantage of remanufacturing production is obvious, the level of social welfare is higher in the retailer outsourcing mode than that in the manufacturing outsourcing mode. The cooperative game theory is used to coordinate the multi-party closed loop supply chain under the retailer outsourcing mode, which can provide theories and methods for supply chain management.