The policy of drug centralized volume-based procurement is one of the essential arrangements for deepening the medical and health system reform，which involves the readjustment and distribution of the interests of stakeholders.At present，six batches and seven rounds of national centralized volume-based procurement have been completed and have a huge impact.From the perspective of stakeholders，this report analyses the positive impacts and potential risks of drug centralized volume-based procurement on four major stakeholders：patients，medical institutions，healthcare security department，and enterprises.It is suggested that increasing the policy advocacy in the policy implementation，maintaining drug quality and supply，formulating medical institution refinement management mechanism，formulating medical insurance payment standard and payment method reform，accelerating sustainable and healthy development of the industry，constructing a systematic procurement pattern in future reform，establishing a comprehensive regulatory network，continuing to promote “Three-medical Linkage” is helpful for promoting the normalization，institutionalization and implementation of drug national volume-based procurement.