Most of China’s listed media companies were set up and evolved from the traditional media era. Facing the impact of new media，their business structure，capital structure and development strategies need to be adjusted. Listed media companies are in a critical period of transition. They have increased a lot of investment in newly developed areas with new media as the core business. Therefore，the research of listed media companies’ investment behavior is significant in evaluating their performance in the new era and forecasting the future development of China’s media industry. Analysis methods may vary when examining a business’ investment behavior，but they all include analysis of features，finance and capital structure，investment returns，investment risks and strategies. This report adopts mainstream investment theories to analyze China’s listed media companies investment behavior in recent years from different perspectives. It then summarizes the characteristics of their investment and gives some suggestions in this regard as well.