Abstract: On the one hand, the evaluation system constructs the indicators of financial competitiveness, including financial density, financial concentration, and financial speed. On the other hand, it also constructs the explanatory indicators for financial competitiveness that include technological innovation, harmonious society, ecological environment, multiculturalism, open information, and element input. These two categories of indicators together form a complete evaluation index system for urban financial competitiveness. Various analysis methods such as index standardization method, cluster analysis method, relative index method, factor regression analysis, etc. are used to research and analyze the overall situation, spatial pattern, influencing factors and mechanism of China's urban financial competitiveness. The research results show that: (1) the overall development level of China's urban financial competitiveness is relatively low, and the differences in urban financial competitiveness between different levels are relatively large, but the overall trend is toward a positive one; (2) the spatial structure has a significant change trend, which changes from a "spindle" The structural form of is evolving to the "olive-shaped" structural form; (3) the important explanatory index of "urban financial competitiveness" is composed of "technological innovation, harmonious society, ecological environment, multiculturalism, open information, and element input". The explanatory indicators are relatively robust and strongly significant. Technological innovation is the most important factor to promote the development of urban financial competitiveness.