The paper analyzes the economic characteristic of port infrastructure and points out that the characteristic of state-owned capital of port infrastructure is different from that of common competitive state-owned capital. Special characteristic of port infrastructure needs suitable management system urgently. The paper analyzes the scale, characteristic, management situation and problem of state-owned port capital, and puts forward the target, principles, and candidate model of state-owned port capital management. It also analyzes the advantages and disadvantages of four management models. At last, the paper recommends that both central government and local government should function as an investor at the busy stage of port building. According to the theory of transitional economics, it puts forward short-term and long-term reform plans about the state-owned port capital management at the end of the paper.