To reveal the price risk of the hog feed market in china and its features，the expanding GARCH type model was established from the perspective of industrial chain under the market rational expectations hypothesis of storable commodity.The price fluctuation features were quantitatively analyzed by using the monthly price data from 2000 to 2015.The study showed that the ARCH effect and asymmetry were obvious; the impact of increasing price on the price volatility was bigger than that brought by price falling.However,the market didn’t show the characteristic of high risk and high return and most traders were influenced by irrational factors more than rational factors when making decisions.In addition,corn prices rising in upstream industry chain significantly contributed to the volatility of the hog feed market.Therefore,the study concluded that price early warning system in hog feed market,including the supervision of volatility of corn price,should be improved from the perspective of industrial chain in future; the alertness to the phenomenon of price rising and corresponding reasons should also be strengthened; further improvement of hog feed market was necessary so as to guide rational investment and decisions