Liao Fan pointed out in the fifth issue of Law Research for 2020 that the legitimacy dilemma of global financial governance has been fully exposed in the global financial crisis and aroused widespread concern. There are three outstanding characteristics of global financial governance: crisis driven, internal imbalance and informality. The legitimacy dilemma of global financial governance is closely related to these three characteristics, such as "democratic deficit", due process and rule effectiveness. In recent years, the increasingly prominent tendency of hegemonism, unilateralism and "anti globalization" in the United States has brought new challenges to the legitimacy of global financial governance. In the future, we should firmly follow the principle of multilateralism, reform and improve the existing multilateral financial governance system, establish and improve the governance institutions and mechanisms led by emerging countries, strengthen the ability to set relevant issues, and balance the legitimacy and effectiveness of global financial governance on the basis of reflecting on the "soft" and "hard" international rules.