As a response to the global financial crisis，since the end of 2008，local governments of many cities in China have begun to experiment with the issuance of consumption coupons. Therefore it is necessary to carry out legal research on this phenomenon so as to regulate and safeguard the issuance of consumption coupons by local governments and promote the development of financial law system. This article analyzes from the perspective of financial law regulation the background，the legal relationship，and the issuance，retrieval，and use of consumption coupons，and puts forward proposals on strengthening and improving this system.