With the gradual implementation of the Transportation Power Strategy, the importance of high-speed rail investment and financing has become increasingly prominent. The main investment and financing modes of high-speed rail construction in China and abroad was analyzed, and a comparative study on three modes of government financing, market-oriented financing and PPP financing from the aspects of financing characteristics, application scope, advantages and disadvantages was conducted. The results are as follows. Foreign countries have accumulated relatively rich experience in market-oriented financing and PPP financing of high-speed rail projects, in contrast, most of China's high-speed rail projects are mainly financed by the government. Although Japan, France, Sweden and other countries have some differences in the investment and financing systems of high-speed rail, reasonable public policy planning has ensured the normal operation of the project, and its successful experience includes encouraging local government participation, actively introducing private capital, focusing on revitalizing stock assets and improving risk bearing methods. In order to promote the innovation of China's high-speed rail project investment and financing system, the financing channels of high-speed rail projects should be brosdened, the financing support policy of high-speed rail should be improved, and a high-speed rail financing guarantee system should be established.