Abstract: With the rapid development of Internet finance, the importance of the third party payment is increasing day by day. After briefly introducing the concepts of third-party payment, the background of the emergence of third-party payment as well as its application scenarios, this paper systematically reviews the domestic and international related researches on the third-party payment and mobile payment, mainly including the game behaviors among the third-party payment institutions, the user behavior for third-party payment and its influencing factors, as well as the risk, regulation, innovation, and the development trend of third-party payment industry.