The Japan’s PPP model originated from PFI in the UK. By the Institutional grafting and local innovation，it has formed a unique Japanese PFI framework. This paper firstly analyzes the development status and application characteristics of Japan’s PFI model，systematically comparing the differences between China’s PPP and Japan’s PFI model from the perspectives of legal system，management organization，return mechanism，operation pattern and equity structure，so that China should learn from Japan’s experience in implementing PPP model，like paying more attention to the quality rather than the quantity，the PPP operation process implementation according to the law and rule，the private sectors selection through open bidding，and emphasis on the capacity building of governmental institutions.