As the legislative delay and the non-cooperative game between participants of the market，the Chinese OTC market hasn’t been included in the monitoring system for a long time.The report summarizes the two typical supervision modes of the ongoing Chinese OTC market，and measures the risks of the two typical markets and the effectiveness of regulation.It finds that some measures such as establishing a unified national OTC market and improving the Market Maker Rule can help to reduce the non-systematic risk and market risk.Finally，the paper proposes that the regulation of OTC markets in China should adopt a self-regulation mode of under the supervision of central government and a three-tier regulatory system of “Government + Association + Market participants”，and design reasonable Market Maker Rule and Sponsor System under specific legislation.