In 2012，the ratio of national education financial budget to GDP firstly broke“4%”. It realized the goal of“4%”which was stated in 1993 and supposed to be reached in the end of the 20^th century. It has been 20 years since then，and it means the beginning of the new phase of education financial policy. This article takes“adequacy”and“equality”as evaluating dimensions，with major fiscal policy in 20 years，to retrospect，to evaluate and to analyze the history of Chinese education financial investment. This article points out that following the“4%”，Chinese financial investment still face the problem that how to guarantee the adequacy，equality and efficiency of the financial inve-stment.