The problem how retailers with bounded rationality, in the long-term evolution of market competition with network externalities, chooses between profit maximization and revenue maximization for their marketing strategies is investigated using evolutionary game theory. Firstly, considering network externality, this paper develops a dynamic evolutionary game of the asymmetric duopoly retailers’ competition. Secondly, the paper discusses the evolutionary stable strategies (ESS) of the dynamic system that depend on product substitutability, the strength of network externality, and the market reservation price, and examines their effects on the ESS. Thirdly, it is extended to the case where retailers can choose a mixed strategy with any preference ratio, and the effect of the market reservation price on the evolutionary stability of retailers’ preference ratio is explored. Lastly, numerical examples are given to verify the theoretical results.