The bond market is closely related to the development of the urban investment industry. In 2019，the task of local government bond issuance was successfully completed，and the issuance scale of urban investment bonds set a new record. The Ministry of Finance and the National Development and Reform Commission have issued a number of policies related to the bond market. In particular，the full implementation of registration system in the bond market has had a profound impact on the urban investment industry. After introducing the issuance of local government bonds and urban investment bonds in 2019，this article analyzed the changes in the bond market and its impact on urban investment companies.