Recently，the small property rights has aroused great concerns in the society. This paper，reviews the emergence，evolution and debate focus on issues of this phenomenon，analyzes its underlying land system，social housing security system，administrative system，interest structure and social background. It suggests that for the conversation and development of the small property rights，we must pay attention to four key issues，i.e. the concept of the small property rights，the reasons why the small property market keeps prevailing，and the impact of hot small property on the real estate market and the future of the small property rights.