Due to its particularities in application, the approval and issuance of special treasury bond are more convenient and fast, are more rapid in money collection, are more elastic in budget management, and more clear in money investment direction, which are conducive to rapidly make up for the deficiency of financial capital, and to effectively deal with emergency crisis and special affairs, however, the issuance of special treasury bonds may have the potential risks such as pushing up the level of government debt to a certain extent, and adversely affecting market liquidity and increasing national bonds compensation risk and breaking bonds pricing mechanism and so on. Since the reform and opening up, the first three special national bonds of China aim to invest in state-owned financial agencies and their issuance evolves from single-term to multi-term and from directional issuance to the combination of directional issuance and public issuance. The special national bond for the response to COVID-19 is the bond for dealing with big public crisis, its policy framework is prudent as a whole, funds investment direction is clear, which is more helpful to more effectively deal with the epidemic and to rapidly recover the economy. Meanwhile, the accomplishment of the issuance of one trillion RMB yuan in short term may have a shock to financial market to some extent, the national bond return rate rises rapidly in short term. The application of special national bond policy should pay attention to the coordination of financial policy and monetary policy, stabilize short-term liquidity, guide middle-term and long-term interest rate, match the quantity with structure, overall rationalize the effective boundary of general policies and emergency adaptability of non-general policies to maintain the stability and healthy development of financial market, meanwhile, the investment of the money of the special national bond should embody real time, direction and structure, enlarge risk control power, perfect the supervising mechanism for the funds investment, and raise the using efficiency of the funds so as to bring the multiplier effect of the special national bond into fully play.