Real estate is not only related to the development of national economy, but also directly affects the wellbeing of the people, but the relationship between urban land price and housing price is a long-disputed issue. This article aims to perform a theoretical analysis on urban housing land price of Kunming in recent 14 years using M-K test, Granger causality test, and to establish VAR model, the empirical analysis indicates: (1) In the M-K test, Kunming’s housing price showed an upward trend as time lapse, and the significant increase was observed after 2003; While the urban land price exhibited a downward trend in 2000-2003, then began to rise after 2003, and a significant increase was observed in 2006; (2) As for the real estate market in Kunming, the housing price is the essential factor that promotes urban land price, but the latter does not affect the former likewise; (3) The VAR model suggests that the housing price and urban land price of last cycle positively promote the urban land price of current cycle, with influence coefficients being 0.6271 and 0.4507, respectively.