The Chinese TV drama industry is one of the focuses of Chinese cultural industry in recent years. The status of TV drama industry can be observed by observing the development of TV drama procurement in the past six years. By observing the phenomenon of capital bubble and capital winter in the TV drama industry in recent years, this paper intends to analyze the changes in the TV drama industry structure from the perspective of capital policy, and propose relevant suggestions for the future development of Chinese TV drama industry. 2. The rise and fall of capital bubble: the rise and decline of overcapacity From the perspective of capital in Chinese TV drama industry, the main turning point was completed around 2013-2014. In 2014, a large amount of hot money poured in, and capital began to be optimistic about such well-known film and television production front-end enterprises such as