The municipal public utilities bear the characteristic of natural monopoly and para-public-product，which makes the reform in this sector lags behind other sectors in the process of marketization. Although the reform was carried out later than the reform in other sectors，with the pushing of policy and the urgent demands for development of public utilities themselves，its marketization developed rapidly and has gained remarkable achievement albeit as a late-comer in reform. Valuable experience has been accumulated in different places in the reform and innovation on the construction，mode of operation and management of municipal public utilities. On the basis of assessing and analyzing the gains and loss of reform of public utilities，this chapter proposes the orientation and path of reform of municipal public utilities in the future.