This study aims to analyze the effectiveness of monetary policy. It is important to study the influence channel of monetary policies on the real economy. Based on the structural VAR model, this study uses the monthly data from the Chinese financial sector and actual macroeconomic variables from January 2001 to December 2020 to analyze the influence channel of monetary policy and its impact on the real economy in order to find out about the effectiveness of monetary policy. Focusing on before and after the global financial crisis, this study elaborates on the transmission effects of monetary policy before and after the global financial crisis. The results are as follows. In terms of the impact of rising interest rates, before and after the global financial crisis, industrial production continued to be negatively affected for a long time and consumer prices continued to increase during this period leading to price difficulties. In addition, the money supply and the RMB exchange rate decreased. Due to the shock of rising interest rates, stock indexes have fallen as predicted according to the economic theories. Moreover, because of the shock of rising interest rate, higher money supply, industrial production situation was unexpected before and after the global financial crisis, which led to a positive effect on consumer prices in the short-term. The change of RMB exchange rate was not obvious statistically, but there was a negative effect. During this period, stock indexes was the opposite of expectation. The impact of some macroeconomic variables on monetary policy can be seen as different from predictions based on economic theories and it doesn’t have much statistical significance, indicating the lack of effectiveness and transmission effect of monetary policy. The influence channel and effects of monetary policies are similar to the black box. Inevitably there will be changes in the financial markets and the real economy according to the specific conditions. It also means the influence channel and effects of monetary policy don’t play a vital role. It takes a long time for monetary policies to affect the real economy. Therefore, to maximize the effect of monetary policies, it is essential to determine the current economic situation and implement the policies. Furthermore, it is vital to actively improve the financial market system. Hence, it will be possible to enhance the efficiency of financial resource allocation and enable the financial market to do its roles in structural adjustment and risk prevention.