Abstract: The study tries to explore the development characteristics and function efficiency of sport NEEQ market.It is believed that the sport NEEQ market is the core sport capital market which plays the fundamental and dominant role in supporting sport industry in China, and it is faced with the problems of potential space restriction of scale and quality, financing and transaction efficiency, institutional support, etc.The study holds that sport NEEQ market in China will gain continuous development and play important roles in introducing social capital, fostering subjects of sport industry, consolidating the development foundation of sport industry and so on, by means of the better implementation of the capital market efficiency of the related micro subjects, through the realization of market value, the improvement of allocation conditions, and the support of innovation development, etc.