The paper reviews the theoretical literature on financial innovation，and makes reflections on financial innovation on the context of financial crisis. The authors point out that financial innovation goes with financial risks，but crisis will happen only when financial risks turn to systemic risk for lack of effective supervision and control. In the same time，the paper reviews the theoretical and empirical literature on financial innovation in China，and proposes its seven features，such as strong government-led，lag of financial system and organizational innovation，unequilibrium on innovation field，large difference between areas where financial innovation was promoted，and so on. Finally，the authors point out that with financial crisis，the deepening of financial innovation in China should keep pace with financial risks.