In the P2P online loan market, the behavior of borrowers defaulting due to information asymmetry has become a hot issue of current social concern. This paper analyzes the development status of China's P2P industry from the perspectives of the number of P2P platforms, problem platform distribution, industry scale, etc.,and uses dual logit model and SPSS software makes regression to analyze reptile data from the four aspects of borrower characteristics, repayment ability, borrowing situation and credit information. The research shows that responding to the default of borrowers can effectively regulate the risk management of P2P industry from four aspects: credit system construction, risk assessment, business model innovation and moral hazard prevention, so as to promote the healthy development of China's P2P industry.