Due to the particularity of our country, the transmission of monetary policy interest rates is divided into two transmission paths, market interest rates and regulated interest rates, which requires us to analyze the two paths, many scholars have a lot of research in this regard, and monetary policy is closely related to economic development. Therefore, in this article, By studying the transmission efficiency of monetary policy interest rates under the background of interest rate market reform, and the level of efficiency is of extremely important significance to the development of China's economy, and the role of interest rates in the market economy has been continuously strengthened.