In 2019，the Public-Private Partnership market stepped into standard and cooling-off period，at same time the government special bond usher in great development. This report briefly reviews the development history of PPP and government special bond，sorts out the relationship between the two investment and financing modes from two aspects：application fields and project selection characteristics. Compared and analyzed the advantages and drawbacks of the two modes of operation，it believed that “special bond + PPP” will be more conducive to the long-term development of the infrastructure market. Considered about the current policy guidance，this report explores the policy feasibility and possible compliance risks of the mode of “special bond +PPP”，and puts forward corresponding suggestions on the specific direction of the synergy of these two.