Crowd funding has aroused widespread concern in the community since its birth. Now it is setting off a huge wave of Internet Finance. As a new financing mode, on one hand, crowd funding gives financing opportunities to innovative projects so as to propel the development of start-ups and micro-enterprises, while driving innovation and entrepreneurship to provide employment opportunities for the Socialist Market Economy. On the other hand, crowd funding provides a platform for private capital and a direct financial market participation channels for ordinary people what makes ordinary people to be angel investors. This is conducive to the realization of efficient docking of private capital and micro-enterprises and eases the shortage of funds. In this paper, crowd funding in the domestic development is introduced systematically according to its development in different periods in recent years. The development of crowd funding is divided into four stages: The stage of start, the stage of grow up, the stage of breakthrough, the stage of the burst. Through the analysis on the characteristics of different stages of crowd funding, find out the obstacles and problems raised in the process of development. At last, all things considered, Summarize and forecast the development of crowd funding in Chinese, analyze the feasibility of the model in Chinese development, points out its development direction in China.