Based on the monthly data of M2 and energy price from January 2005 to December 2011,this paper adopts the econometric model VAR and some popular methods from Eviews6.0 like Impulse Response 、Variance Decomposition、VEC and Granger Causality to explore the relationship between M2 and energy price in the long run and short run, but a surprising conclusion comes as follow : Money supply and energy price are co-integrated in the long term, but compared with the impact on energy price that money supply has, the impact on money supply that energy price has is stronger, that is M2 has no clear impacts on the price fluctuation of energy.