There were several financial crises during the last decade and each of them posed great threat to the global economy. This article studies the financial contagion and the systemic risks from the perspective of network analysis. The case analysis is adopted in this article with the case study of subprime mortgage crisis in 2008 in the US at first and then the network analysis and the solution are provided at last. The author found the financial crisis is largely related with the big nodes in the global financial network. Meanwhile, the network density is moderately ascending which shows the rising risks of the financial crisis in the future. Last but not least, the centralization keeps at a similar level during these years and the degree of centralization is positively related with the potential of financial contagion. The study is significant for understanding the mechanism of the network and the future policy decision.