Based on the perspective of the system, this paper focuses on the impact of government supervision and online credit information on the evolution of the online loan market by applying the system dynamics and taking the data from industry monthly reports of P2P Eye and WDZJ as its sample. The results showed that the online loan market presents an inverted U-shaped evolution trend, and the number of operating platforms will further decline in the future. Moreover, the impact of government regulation and online credit investigation on the benign evolution of the online loan market varies among different market stages. In the early stage of market development, government supervision has no significant impact on the benign evolution of the online loan market, while online credit investigation has a negative effect. Meanwhile, the influence of online credit investigation exerted on the evolution of the online loan market is more significant than that of government regulation. In the mature stage of market development, both of them have a negative impact on the benign evolution of the online loan market, but the impact of online credit investigation is more significant than that of government supervision. In the later stage of market development, government regulation has a positive effect on the benign evolution of the online loan market, while online credit investigation exerts a negative effect. Besides, the effect that government supervision exerts on the evolution of the online loan market is more significant than that of online credit information. Therefore, improving the quality of credit data, continuously strengthening platform supervision, and accelerating the pace of technological empowerment will contribute to the healthy development of the online loan market.