Abstract: Based on the special attribute of marathon as a quasi-public service product, the comprehensive benefits, potential risks and path choices brought by the blowout development of marathon in the process of promoting the modernization of government governance system and governance ability are analyzed from the disciplinary perspective of investiment. It combines the mechanism of "official+market", "administrative contracting system" and the theory of national capacity, and takes some marathon events as cases. It is found that the government-supported marathon has been taken as the investment target, with its benefits embodied in the economic, political, cultural, social, and ecological civilization, including the "marathon plus" market value, the people's political trust, "cultural diversity" social welfare, social resources coordination ability of the government, and the comprehensive governance efficiency like people's ecological consciousness and environmental protection concept. However, the government needs to be alert to the ensuing potential governance risks. They may include capital risks caused by inadequate financial control, trust-breaking risks caused by inadequate access management, and sudden risks caused by inadequate guidance and supervision. To promote the development of marathon in China from the perspective of government governance, it is necessary to build the event governance structure with the cooperation of multiple subjects, continuously improve the event risk governance system, and control the investment risks of marathon from the source, path and terminal. To reduce the cost and improve the efficiency of government governance, a classified and graded event support system should be established, the investment cost of marathon event should be budgeted well, and the autonomous "hematopoiesis" function should be developed. Finally, a trans-boundary and diversified whole industrial chain should be built around the event governance ability so as to expand the comprehensive benefits of the marathon.