The cooperation between private and public transportation industry is not only the demand to relieve financial stress, improve business management and promote governmental public management reform, but also is the application and practice of the public goods theory, property rights theory and the principal-agent theory in infrastructure market reform. Since the reform and opening up, after China’s public transportation privatization reform experienced such three stages as the initial exploration, striding forward and the reform upsurge, the reverse privatization phenomenon with national assets increase but private assets decrease is emerged. Foreign and domestic successful examples show that the success or failure and the performance of the public and private cooperation of transportation are influenced and restricted by system environment and institutional structure and need to perfect market mechanism and legislation, governmental support and supervision, specialized management agencies and professional talents and governmental financial subsidy system and risk-sharing mechanism. China should perfect the related policies and laws, raise governmental public management capacity, improve supervision level by laws, optimize supervision methods and measures, and perfect risk-sharing mechanism so as to effectively promote the practice in the reform of public and private cooperation of the transportation.