In this paper，three rectification works was the main line of Chinese OTC market review. All of the three rectifications were fundamentally caused by the problem of non-listed public companies，though their representation and focuses were different. The emergence and development of Chinese OTC market，was to solve this problem. However，for a long time，the regulations of OTC markets were dominated by local administration，instead of the central system for supervision. Therefore，In Chinese OTC market supervision，it performed as lack of supervision initially，showed as overcorrection later. This is perhaps the most valuable experience in regulatory practice of Chinese OTC market. In addition，this article also introduced the main regulators and regulatory system of OTC market in China.