Abstract: In the new power system reform, the spot market as an important link, with the medium and long-term market to achieve the optimal allocation of resources. At present, 8 spot market pilot areas have been put into trial operation, and the market construction has achieved success. With the further deepening of China’s power reform, spot market will become the core of China’s power market construction. The characteristics and organizational model of the spot market are summarized, the development status of the spot market at home and abroad is expounded, and the construction of various regions is compared. The system architecture and operation mode of the spot market are discussed, the problems encountered in the construction of the spot market are summarized, and the solutions are given through analysis.