This paper makes an empirical study on the validity of money supply as the middle target of our monetary policies by using VAR,IRF and other empirical models.It points out that the effectiveness of taking money supply as the middle target is reducing,while the effectiveness of taking actual interest rate as the middle target is better.The paper believes that the main reasons consists in uncontrollable basic monetary,volatile monetary multiplier,degressive monetary circulation speed and incomplete monetary policy conduction system.At last,we give some suggestions on this issue.