Fiscal expenditure policy is an important macro-control policy tool. Fiscal expenditure policy has not only economic attributes，but also social attributes. It plays an active role in hedging economic and social risks. Based on the perspective of broad policy multiplier，this paper comprehensively and deeply analyzes the role of fiscal expenditure policy in economic development，stabilizing employment and boosting market confidence. The analysis is carried out from the two levels of total expenditure and expenditure structure，deepening our understanding of the multiplier effect of China’s fiscal expenditure policy. In order to better optimize the expenditure structure and release the efficiency of fiscal policy，this paper finally puts forward some suggestions for policy optimization. First，improve the cycle management of macro policy to release the efficiency of macro policy；Second，improve the foresight of fiscal expenditure policy and strengthen the expected guidance；Third，improve the performance management of government expenditure policy budget，and fully consider the risk hedging factors；Fourth，we will optimize the structure of fiscal expenditure and promote coordinated economic and social development.