Abatract: On the basis of constructing an index system to measure systemic financial risk in China, the SV-TVP-VAR model is applied from time and time points, respectively.Dimensions to analyze and compare the impact of "price" and "quantity" monetary policy on China's systemic financial risk, the study found that: in the "price" type of monetary policy.Under the control of monetary policy, expansionary monetary policy releases liquidity in a short period of time, and at the same time causes the sharp increase of financial risk.Policy adjustment has different response speed to the impact of systemic financial risk. Systematic financial risk is affected by "price-based" monetary policy. The unit forward shocks attenuate faster, while the unit forward shocks by "quantitative" monetary policy attenuate slower. Therefore, synthesis using monetary policy to reduce systemic financial risks is conducive to achieving the goal of stable development of macroeconomic and financial system.