Delivery is coupled to the futures market and spot market as a bridge, which is the institutional guarantee to promote the convergence of futures price and current price. The delivery system of commodity futures in china is established and developed from dominating futures market by the government’s preference, the spot market strengthened gradually but not formed, and referring to western mature market delivery system. During the evolution of delivery theories, three kinds of views changes：zero-delivery view, limited-delivery view and open-ended delivery view. The government is the main driving force for the change in the past more than 20 years. Along with the state economy enters the new normal, the future direction of innovation in the delivery system should be induced institutional change instead of mandatory change. The government should lessen restriction on the microscopic economic subjects such as investor and speculators, arbitrageurs, hedgers and brokers and encourage them to play their subjective initiative and innovation capability. The microscopic economic subjects need to strengthen communication and interaction with government regulators to decrease the cost and resistance caused by institutional change.