Abstract: The market governance of industry operation mainly refers to the market readjustment which takes the contract, cost and price that engender in the transaction process as its core. It is bracketed to the governance structure of the basic economic theory. When the market governance faces competition and monopoly, it also to some extent includes government industry regulation. When we treat the circulation as an independent industrial sector, the fact that the government has less regulation and the competition of the circulation industry is sufficient, makes most economists tend to think that the market governance of the circulation industry may not include industry regulation of the government. Based on this, we need to explore what kind of pattern does the market governance of the circulation industry usually show? Compared with the first and second industries, under what conditions does the market structure of the circulation industry change? On the basis of summarizing the relevant theoretical literatures, this paper describes the specific picture of the market governance of the circulation industry, focusing on different market arrangements in the circulation field, namely the types of contracts, the way in which those contracts are linked and contract execution. We analyze the impact of government's industrial regulation and manufacturers' behavior on the changes of the market governance structure. We also discuss whether the market governance of the circulation industry and its structural changes need government regulation. This paper attempts to make a general description of the market structure of the circulation industry.