Abstract:The integration of science and technology(S T)and finance is an important measure to achieve innovation-driven and transformational development of economy. Chinese government begins to promote the development of angel investment, which is of great significance for enhancing the capability of S T and improving the S T finance ecological environment. From the aspects of subject characteristics, the process analysis and object analysis, this paper systematically studies the angel investment behavior. Through the analysis of current situation of the development of angel investment in China, this paper puts forward the relevant policy suggestions on further development of angel investment.