With　the　innovative　development　of　global　Internet　finance　in　this　decade,　the　Internet　finance　in　China　also　develops　rapidly　in　recent　years.　By　the　end　of　June　2015,　there　are　2028　operating　P2P　network　lending　platforms　and　786　cumulative　questionable　platforms　in　China,　the　proportion　of　questionable　platforms　is　on　the　rise,　the　loan　balance　exceeds　200　billion　RMB;　at　present,　information　disclosure　is　non-standard　and　the　regulation　is　imperfect　in　Chinese　P2P　network　lending　market,　both　will　affect　the　effectiveness　of　the　market.　There　are　no　systemic　research　papers　that　take　＂the　effectiveness　of　Chinese　P2P　network　lending　market＂　as　title.　In　this　paper,　we　define　the　concept　of　P2P　network　lending　market＇s　effectiveness,　take　56139　available　transaction　listings(which　are　filtered　from　95422　real　transaction　listings)　of　Chinese　representative　P2P　network　lending　platform　as　a　sample　and　study　empirically　the　effectiveness　of　Chinese　P2P　network　lending　market.　Statistical　test　results　show　that　Chinese　P2P　network　lending　market　is　not　a　strong　form　efficient　market;　econometric　results　show　that　Chinese　P2P　network　lending　market　is　not　a　semi-strong　form　efficient　market,　even　not　a　weak　form　efficient　market　(therefore　not　a　strong　form　efficient　market);　this　study　also　finds　that　the　investors　are　not　completely　rational　in　Chinese　P2P　network　lending　market,　they　prefer　to　the　yields　rather　than　the　risk　aversion;　＂better＂　borrowers　tend　to　borrow　money　easily,　＂poor＂　borrowers　tend　to　borrow　money　with　difficulty.