Analysising the relationship between inflation and economic growth empirically by using the annual data from 1981 to 2012, the results show that there is long-term and stable relationship and there is a two-way Granger causality. Meanwhile, introducing investment growth to their relationship, and finding the following conclusions: economic growth will promote the growth of investment, which in turn makes the inflation rise; while inflation expansion will raise the level of investment growth, which in turn affect economic growth.