Based on the methods of literature analysis，empirical documents& data，and in-depth interview，this paper makes a comprehensive research on the developing status，problems and trends of China’s short video on mobile internet. Firstly，the paper introduces the overall situation：Since 2017，the short video in China has seen full-scale and vigorous growth in the perspectives of users，platforms，contents，business scales and capitals investments；the leading platforms have become increasingly prominent and ladder-like distribution has been gradually clear；The content distributes in a pyramid-like structure and the leading CPs has formed. In addition，the regulator has entered to normalize the market since 2017. Next，the paper analyzes the main characteristics of different sides in the industry as follows：The platforms seek differentiated positioning strategies，breakthrough in the whole network，multi-dimensional expansion along the industry chain. Content in supply is rich and diverse，but imbalanced. High-quality professional content begins to play a leading role. The MCN model is developing rapidly and surging in quantity. Business model based on advertising and e-commerce is emerging. Then，the paper points out the booming of short videos is accompanied with problems such as vulgar content，homogeneous and extensive growth，small and fragmentary advertising operation. Finally，in terms of the development trend of short videos，the paper analyzes from four aspects：users，market structure，content production and business operation.