Select the price time-series data of futures market price and spot market price of China’s corn futures market between January 4,2013 and December 31,2014,after analysing the price discovery function of corn futures market by Granger-causality test,error correction model, pulse response analysis and so on, the analysis shows that the price discovery function of China’s corn futures market has been manifesting and corn futures market price appears showing a guiding role to corn spot market price effectively,while there exists a certain lag in the guidance of futures market price to spot market price,in other words,the performance of price discovery function has a certain lag.