In recent years, the government has increased the control of the real estate market, which leads to the real estate companies' increasingly difficult financing through banks, and seek financing from other channels. The shadow banking market with strong product liquidity, fast application and approval speed and low threshold for financiers' entry is easy to get the favor of real estate developers. Therefore, this paper will study the mechanism of shadow bank and monetary policy on the real estate price fluctuation, and put forward some suggestions.