Abstract: To explore the formation mechanism of abnormal fluctuations of China's stock market, the related work on the abnormal fluctuations of stock market and formation mechanism were surveyed in this paper. With the main line of investors' interaction, some broad categories of theory are surveyed: abnormal fluctuations formation mechanism of stock market based on behavioral finance, econophysics, social communication, and complex system science, then this paper points out the drawbacks of researches from different angles, demonstrates their characteristics. Finally, directions of future research from the perspective of micro investors' interaction are discussed finally.