This paper systematically reviews the development process of China’s OTC market，summarizes its history contribution，emerging problems and reflects the cause of the problems；learns the OTC market development histories，characteristics and experiences of the foreign developed countries and regions，then plans and designs the overall framework of China’s future multi-level OTC market. The paper argues that，we should recognize the necessity of developing OTC market from the height of the world economic development and the shift in its development model；follow the principle of combining market demand-driven and system building，to promote the system innovation in the OTC market；the overall framework of China’s OTC market should be a double progression and hybrid market system，which willed be formed through planned transformation，integration and innovation to the existing OTC market resources under the supervision of China Securities Regulatory Commission.