The rapid development of Internet finance has brought huge impacts on traditional finance，and it has also continuously challenged the current financial regulatory regulations.The current financial supervision and regulation mainly aims at avoiding the predictable known risks，based on the summary of the past risks of traditional finance.The mutual benefit network finance is an innovative format，and its innovation value is reflected in the evasion of the current regulatory regulations. In order to achieve profit-seeking purposes. In the use of current regulatory regulations to deal with Internet finance related issues，there are defects such as insufficient legislation，insufficient strength，and small coverage，which leads to regulatory vacuum zones and regulatory arbitrage.The above-mentioned weak nature of supervision is caused by the conflict between regulatory regulation and the long tail theory of Internet finance. The supervision of mutual benefit network finance should focus on the protection of innovation and the prevention of risks，and the protection of financial consumers，with the help of supervision sandbox，this balance can be achieved reasonably，scientifically and effectively. This paper summarizes the advantages of the regulatory sandbox in terms of its value，significance，operation mechanism and overseas experience，and hopes to bring some reference to China's internet finance supervision.