Abstract: After more than 20 years of development, the delisting system of listed companies in China has been developed from scratch and continuously improved. However, there are also many problems such as the ineffective implementation and the formalism of delisting system. The delisting system of listed companies in China draws lessons from many aspects of that in America, but it is still not mature and perfect in the construction of the whole stock market system and legal system. Therefore, it is necessary to ameliorate relevant legal system, strengthen the construction of social integrity, make every effort to make information transparent and public and protect the interests of all investors.