Low liquidity is typical in OTC market，which is the foremost problem plaguing the healthy development of the market. In this report，two typical domestic markets and the Taiwan OTC Emerging market’s liquidity sectional data were analyzed，and it was found that liquidity under market maker system was better. Analyzing time series data of market liquidity to assess the effectiveness of liquidity management-related reforms of the national SME share transfer system and Emerging market，the report found that the reform on standard management of market maker’s behavior have a greater impact on market liquidity. Describing the dynamic characteristics of the liquidity risk of the National SME share transfer system and Taiwan Emerging market with GARCH model，the results showed that high level of liquidity risk in the National SME share transfer system and the characteristic of presenting the positive and negative impact on the concentration of the reaction，long-term memory and non-symmetry. Finally，countermeasures were proposed to improve the management system of the OTC market liquidity.