Continued strict supervision and the imminent battle against major risks in the industry are the main features of the trust industry regulation environment in 2020. The risk level of the industry has entered the high-risk area，and there is a great possibility of spillover，which needs to be closely monitored. Some trust companies became high-risk institutions and major risk events occurred. At the same time of the orderly risk disposal，relevant system construction was launched intensively，such as new rules on fund trust business，guidance on cultural construction of trust companies and approval of administrative licensing matters of trust companies. It is expected that the focus of trust industry regulation in 2021 will be the risk disposal problem of high-risk trust companies，accompanied by continued pressure against illegal financing and channel businesses. As the peripheral situation improves，the business environment of the trust industry is expected to stabilize and beak then set. Finally，we recommend that the disclosure of industry statistics be resumed as soon as possible in order to reduce the serious adverse impact of lack of information or asymmetry in the industry.