Resolving risk of local government debt is an important part of battle to prevent and resolve major risks. The reasons for the formation of local government debt mainly include the asymmetric division of financial power and administrative power between central government and local government，the driving force of local government to develop economy and the transfer mechanism of financial resources. The local government debt management in China has gone through three stages，which indicates intermittent decentralization，pilot exploration and systematic standardization. From vertical perspective，there is almost no risk in China’s local government debt. From horizontal perspective，risk of local government debt in some provinces needs to be vigilant. From comprehensive perspective，we should pay attention to the problems of local government implicit debt and inadequate management and implementation. We should structurally reduce leverage ratio of local government debt，manage local government debt by ways of category and quota，improve the early warning mechanism，and establish a lifelong accountability mechanism.