Reviewing the development of China's financial market and the development of financial system reform in the past 40 years of reform and opening up，China's financial market scale expand continuously，financial institutional reform continues to deepen，financial Regulatory mode gradually optimized.China's capital market's breadth continues to expand，its functions are increasingly enhanced，and its risk prevention capability is gradually improving.The capital market has made important contributions to China's economic and social development.Looking to the future，the development of China's financial market should adhere to the principle of serving the real economy，preventing systemic financial risks，and deepening financial reform and opening up，comprehensively improve the marketization，internationalization，and legalization in financial industry，and fully realize the governance system and capabilities' modernization in financial industry.