Through the analysis of the changes in Japan’ s real estate market under negative population growth and the sorting out the related policies, this paper finds that the negative population growth will lead to a reduction in the rate of incremental housing supply and an excess of stock supply; the negative population growth does not necessarily lead to the decline of housing price and land price, and economic growth and the improvement of income level have a greater impact on the rise of housing price and land price; the aging of the population poses “risks” and “opportunities” to the real estate market and should be treated dialectically. In order to cope with the negative impact of the depopulation and aging on the real estate market, the Japanese government and scholars have proposed several policy recommendations from two aspects of population and real estate respectively, which can be used as a positive reference for China with the similar problem in the near future.