The adoption of the revised Securities Law was a major event in the development of the rule of law in the securities market China in 2019. The revision of the law had taken nearly five years，in which a total of four deliberation drafts had been put forward. The whole revision process had been accompanied by twists and turns in the development of the securities market in China. The revised law abolishes at the level of legal text the system of examination and approval of the issuance of securities and replaces it with a registration system，strengthens the protection of investors and the punishment of violations，and establishes the securities representative litigation system. As such，it embodies many commendable progresses in the reform of the relevant institutions while at the same time also leaves some regrets. The practice of science and technology innovation board has provided an important sample of the development and the rule of law practice of the Chinese securities market，not only testing the entire market environment，but also posing more challenges to the risk prevention and investors protection system. With the adoption of the revised Securities Law and the advancement of the rule of law practice in the securities market，the development of the securities market will become an “institutional test field” of the capital market that captures the attention of the world and China will be able to find the key point and a balance point between the law of the market and the rule of law in the interaction between legal texts and their implementation.