Venture philanthropy provides new supports to social services in the form of innovative projects, and has a step-by-step progress. The subject of a prefect venture philanthropy includes donors, recipients, beneficiaries and independent qualified Third-Party Assessment Entities. The venture philanthropy has an interactive process, which consists of the following four steps: project collection and training, field visits and project optimization, project review and publicity, and signature of the protocol. Venture philanthropy can promote the concept that governments can buy public service from other organizations, and advance win-win cooperation between the government and the social organizations. The government supports the benign development of public organizations and guides the practice of public venture capital in order to serve the masses, forming a multi body participation in social governance innovation pattern. This paper have studied the venture philanthropy practice, analyzed the influencing factors of the venture philanthropy, and summarized the relationship between the venture philanthropy process and the subjects on the basic of the field investigation of China’s venture philanthropy.