Consumer finance could makesignificanteffects in financing and expanding consumer demand，which will promote the consumption upgrades in China. This paper briefly summarizes the situation anddevelopment of the researchon this area. First，the paper analyzes the concepts of consumption upgrades and consumer finance and the relationship between two. Then，this papersummarizes the ways to improve the level of consumption upgrades such as construction of consumer finance brands，innovationsof consumer finance products，improvements of consumer finance supervision，based on analyzingthe innovations of consumer finance institutions and industry，consumer finance products and rural finance. Finally，this paper shows some research directions in future，including improvementof the theoretical studyand the prospective and timeliness of application study，researchextension ofconsumer financeindustry situation，performance analysis ofconsumer finance products，construction of consumer finance regulatory system.