As China's economy enters a new normal stage, local government's financing mode has also entered its own new normal stage. The local government's investment and financing system has undergone unprecedented reform, that is to say,the land finance is unsustainable with the real estate macro-control measures,the government gradually strengthens the risk prevention and control of investment and financing platform financing,PPP model has received unprecedented attention and support,and the amendment of the new budget law gives the local government the right to issue its own bonds independently. In fact, the financing channels for infrastructure construction have undergone significant changes.In the face of different choices of financing methods, the government has a selective preference. This paper focuses on the relationship between the choice of local government investment and financing and the risk of local government debt.Firstly, this paper analyzes the supply-demand relationship and the advantages and disadvantages of the current local government financing methods, and then studies the debt-risk generation mechanism of various financing methods. On this basis, the paper further analyzes the actual situation of local government various financing methods and the corresponding debt risk.Based on this, this paper further demonstrates the inherent logic of local government's preferential arrangement of financing methods under the premise of local government debt risk through empirical analysis, and draws conclusions that during the period the financing platform debt share the responsibility of the government to provide public services to a certain extent,and the effective transformation of the financing platform debt is conducive to local governments to control debt risks; PPP and local bond issuance have the same effect in meeting the financing needs of local governments, and there is a correlation between them;because of the unique advantages of local bonds, it is an important channel to relieve the burden of local government debt; stripped of financing function, financing platform debt does not take local government debt risk as its only consideration.Finally the article puts forward some countermeasures and suggestions.