Social impact finance is a dual objective financial activity that pursues financial value and societal value at the same time. In order to solve the problem of insufficient and unbalanced development，the government and the market have paid more and more attention to social impact finance，inclusive finance represented by microfinance and micro insurance has made great progress，social impact bonds have shown a unique development model，social impact investment funds have begun to explore，and the development of philanthropic finance such as wealth management products with charitable purposes，charitable trusts and charitable organization investment has achieved initial results. However，the development of China’s social impact finance is also facing a series of challenges：the risk management and sustainable development of inclusive financial products still need to be strengthened，the cognition of investors and financial institutions on social impact finance still needs to be improved，a unified and recognized index system and data platform of social impact measurement and management have not been formed，and the ecosystem of social impact finance is still not perfect.