Since 2020，the scale of local government bonds issuance in Tianjin has expanded and the pace of issuance has been accelerated. The special bonds have increased significantly and the issuance period has been prolonged. The interest rate of local government bonds declined and the secondary market became increasingly active，but the yield rate dropped. The type of project income special bonds continued to innovate and the issue cost dropped. Besides，the structural of investment changes，the project income was better covering principal and interest. The special bonds were not used as capital，there was a large room to free up its leverage effect on investment. From the perspective of debt situation，Tianjin’s debt balance increases greatly and will face certain repayment pressure in the years from 2021 to 2024. The debt ratio is relatively high but the overall debt risk was controllable. As for the next stage，the management of local debts in Tianjin should pay attention to the use efficiency and fund investment，rationally arrange the term structure and strengthen the use management and debt risk control.