Binhu Century Community of Hefei，officially launched in February of 2013，is a mega-community at the subdistrict level，which is also a pilot area for the city to implement innovation in the system of social governance. Century Community has audaciously conducted reforms and innovation in governance systems and mechanisms；actively incubated multiple subjects in social governance，reconstructed the structure of social governance，and creatively established a three-in-one organizational framework of “one committee（CPC committee），one board（community co-governance board），and one center（community service center）” for social governance based on the principle of “leadership by CPC committee，co-governance with multiple subjects，and resident-governance separation”；it has implemented resident self-governance under the scheme of “resident-government separation”，and taken the lead nationwide to grant resident committee adequate self-governance，and assign to it no more administrative tasks；with constant innovation in practice，it has reinvented a series of dynamic mechanisms for social governance，manifested concretely in the scientific design of governance systems with Four Paths，Five Mechanisms，and Six Major Platforms as the core，which have released enormous potential innate in the mechanisms. Century Community has scored significant achievements in social governance innovation，and reduced administrative costs by two thirds as compared with traditional subdistrict resident mechanisms，greatly boosting the effectiveness of social governance，winning about 30 national and provincial awards，and establishing the well-acclaimed Hefei Century Model，reputed as the Xiaogang Village for China’s innovation in urban social governance. Its social governance has on the whole manifested the following features：（1）government setting the stage，and society putting on the performance；（2）projects as the driver，and service as the focus；（3）resident-government separation，and co-governance with multiple subjects；（4）humanitarian consideration，and return to family ties；（5）internet plus social governance. Finally，the article also gives an objective analysis of potential problems with social governance in the Century Model and proposes corresponding countermeasures.