At this stage, the mechanisms, regulations and policies in China's securities market are not perfect. Domestic and international economic development and the changing market environment will promote China gradually established and perfected the "Chinese characteristics" securities distribution system and the regulatory approach. In this paper, the evolution of IPO supervision system in China has been comprehensively and systematically analyzed, the experiences and lessons of the evolution of the system has been summed up; a systematic comparative analysis has been done to study the IPO supervision system in different markets. The paper examines the relations between IPO market-oriented reforming and the strengthening supervision in China's stock market. On the basis of systematic analyzing, the paper presents some recommendations on improving China's IPO supervision level, points out that a correct supervision philosophy and principles should be established, and that supervision must be strengthened during the market-oriented reforming. <<