The global debt kept soaring in the past decade. The Rise of emerging economies’ debt was much faster than the rise of advanced economies’ debt. Governments’ debt rose quickly than households’ and corporations’ debt. Among the advanced economies，Japan’s debt was the highest，however France’s debt rose fastest. Among the emerging economies，China’s debt was the highest and China’s debt also rose fastest. High debt would cause the following three major risks：the slowing down of economic growth，the rise of systemic financial risk，and the impact of deleveraging to economic growth after the burst of crisis. The strategy of global debt deleveraging includes reducing debt directly and accelerating economic growth. The austerity way of deleveraging would lengthen the deleveraging process and impact economic growth severely. Therefore，a relative loose fiscal and monetary policy mix would be indispensable during the deleveraging process.