Abstract：Non - governmental usury federation was a very important part in Tang dynasty’s social economic life. Aiming to the study of the non-governmental usury federation in Tang dynasty, the extensive influence of non-governmental usury federation on the society and of the government’s behavior on the non-governmental usury federation are respectively studied. It concludes that the influence of non-gov-ernmental usury federation on the society has: the active side and the passive side. Although the Tang government didn’t advocate the non-governmental usury federation, the governmental usury federation objectively accelerat the flourish of the non-governmental usury federation and raised the interest rate.

Keyword：Tang dynasty; non-governmental usury federation; economic life;