New Urbanization is inseparable from the infrastructure, in the case of financial resources are relatively limited, infrastructure projects financing can only be dependent on local governments financing platform. However, in this process, there are also the risks of over-leveraged. Firstly, this paper study the financing asset structure and liabilities of local government financing platform, and then study the internal mechanism of the leverage behavior of financing platform through game analysis. Finally, the paper proposes related measures for sound development of local government financing platform.