The governments are controlling the constructions of Grand Theatre for a long time in China. The paper Comparatively analysis of the three investment and financing models of the construction of the Grand Theatre, committing to improve the efficiency of investment, and to develop the urban cultural and cultural industries.The paper point out that the PPP model is good to add the respective participants advantage, and to comply with the requirements of the reform of the cultural system. In the end ,the paper come to a conclusion that PPP should be the main mode of construction of the Grand Theatre.