In Financial regulatory system is an important part of the financial system, in one country the development of the financial industry and economic growth vital role. Since the 1970s, as the financial derivatives and the development of the information technology in the wide application of the financial industry, the financial industry had the profound change. Various types of financial institutions to other financial services gradually permeability, financial institutions blurring the line between. In American English, as a representative of the developed countries began to give up separate operation, steering mixes industry the management. In order to improve the financial efficiency, developed countries to the financial regulatory system to reform, to adapt to the change of the financial industry. With the opening of China's financial industry growing, China's financial industry is in great reformation. In order to improve the financial efficiency and better promote economic growth, our financial regulatory system also need to undertake the corresponding reform.This paper is divided into six chapters, the first chapter of the relevant theories of financial regulatory system were summarized, including financial regulation and supervision system of the meaning and content of financial supervision, goals and principles, means and methods of financial supervision, this chapter is the full text of the theoretical support. Chapter 2 is the changes of the financial regulatory system in China is analyzed, and the changes of the financial regulatory system, developed countries and the changes of the financial regulatory system in developed countries review of the financial regulatory system. The third chapter is changes in the financial regulatory system, analyzes the Changes in China's financial regulatory system. The fourth chapter is the content of the financial regulatory system in the developed countries and the similarities and differences between them. The fifth chapter is about the current situation and some problems in our financial regulatory system and put forward to perfect our financial regulatory system of counter measures. The last chapter was the conclusion of this paper.