Driven by the continued urbanization and industrialization and benefit from a series of favorable policies，China’s eco-environmental protection industry is now in a high-speed development stage. In recent years，the issuance scale of eco-environmental protection projects income special bonds has been significantly increased，but there is a large regional differentiation. According to the situation in 2020，eco-environmental protection special bonds financing projects were mainly at the district and county level. The number of projects with special bonds as capital was relatively low，but the proportion of special bonds to capital in such projects was relatively high，which helped to ensure the smooth progress of project construction. On the whole，eco-environmental protection special bonds’ project financing has a good coverage of principal and interest，and relevant local governments can provide strong credit support. In the future，the issuance scale of eco-environmental protection special bonds should be further expanded，and the proportion of special bonds used as project capital should be increased to give better play to the positive role of local government special bonds in leveraging investment and stabilizing growth.