Urban land purchasing and reserving system is an innovation in urban land usage in china, despite several financial problems with it. Land securitization is the best choice for carrying out the urban land reserve system. In the framework of urban land purchasing and reserving system, the urban land securitization was divided into two subunits, land real assets securitization and land credit assets securitization, according to whether the assets are entity or not. According to the types of securities, the former includes land bonds, investment funds and land trust plan three modes, while the latter includes balance-in mode, balance-out mode, quasi-off-balance-sheet mode and off-shore four modes. Discussion the aforementioned operation modes lead to suggestions for improving urban land securitization.