Social impact bond is a financial model that takes “bond” as a financing tool and takes social problems solving into account with the goal of financial return. Throughout the world，social impact bonds can be divided into two main types：“government risk-taking” and “market risk-taking”. In the former，the financial risk of social service project failure is taken by the government，which have been widely adopted in China. The latter risk is taken by social investors in the market and is characterized by paying for “success”，which is mainly reflected in the innovative practice of European and American countries. Taking poverty alleviation bonds，rural revitalization bonds，and anti-epidemic bonds with Chinese characteristics as examples，the report finds that the government and state-owned enterprises are the main issuers of social impact bonds，and that the government-led governance model leads to challenges such as insufficient information disclosure，regulatory difficulties，and increased risk of government debt. The report argues that the future will continue to be dominated by government risk-taking social influence bonds，with increasing emphasis on the introduction of payment mechanisms for “success”，and the rise of market risk-taking social impact bonds. The two types of bonds support each other，providing a strong guarantee to meet the needs of multi-tiered and multi-subject social services.