Generally，financial crisis experience four phases. Through discussing the bubble crisis of Japan in 1980s and Asian financial crisis in 1997-98，many general conclusions are touched. Meanwhile，every financial crisis had their special characteristics，for example Japan faced a bubble crisis and failure of polices while the Asian financial crisis was triggered by the imbalances of international payment and some institutional defects. Compared with the Great Depression in 1930s，the global financial crisis started in 2007 in USA has many common features as the Great Depression，including the causes，processes and global impacts. But there are a lot of differences between the two crises，such as historic backgrounds，triggers and rescue mechanisms. Finally the financial crises we have discussed demonstrate that the financial stability is very essential to economic growth and development. Financial fragility and the potential crisis would put great risks at financial stability and economic development. It is very necessary to deepen the reform of financial system，strengthen the financial regulation and supervision to prevent financial crisis happening.