This article first compares the definitions of PPP（public-private partnership）from perspectives of different organizations and it further examines the similarities and differences between PPP and concession so as to clarify the definition of PPP in China’s context. Then，based on extensive literature review，this article further elaborates fourteen recent hot issues in the field of PPP research，including concession price，concession period，Value for Money（VfM），PPP legislation，critical success factor（CSF），project governance，risk allocation，performance evaluation，renegotiation，refinancing，real option evaluation，government regulation，exit mechanism and professional ethics. Finally，combined with the development trend of PPP，this article further proposes four potential hotspots for PPP related research in the future.