Stock index futures is a developed financial tool produced in the United States in the 1980s. It is not only the product of the development of the capital market to a certain stage, but also the help and pusher for the deepening of the capital market. Futures has become one of the most important and successful financial instruments at present, showing a rapid development momentum in terms of trading varieties, trading volume and market scope. The voice of developing stock index futures in China is getting higher and higher. Judging from the current situation in China, the establishment of stock index futures market is not only the inherent requirement of the stable development of capital market, but also the need to adapt to the opening up of capital market. This paper expounds the necessity and possibility, difficulties, reasons, avoiding system risks and suggestions for launching stock index futures in China.