At present，the entrepreneurial culture in our country were in bloom. The new financing model brought about by spirit of the Internet and technology，will profoundly affect the Chinese economy. Equity crowdfunding，as a new investment and financing mode，not only helps alleviate the financing difficulties of small issues，but also stimulate financial innovation、broaden and improve the multi-level capital market. As one of the six models of Internet finance in China，crowdfunding have a strong power and good prospects. So，the author rakes to comb theory and practice of equity crowdfunding. Equity crowdfunding provides a useful reference for the OTC market.