Private finance is a supplement to formal finance, which can effectively provide necessary capital guarantee for the transformation of industrial structure, and has an inseparable relationship with economic development. This paper focuses on the analysis of the development of private finance, pays attention to its specific contents, and defines the development scale and direction of private finance, so as to obtain that there is a long-term cointegration relationship between the development of private finance and economic growth, which proves that the development of private finance can promote the development of economy, and the further growth of economy can make the development of private finance, There is a mutually promoting relationship between the two, which confirms the role of private finance in economic development, and also shows that private finance develops with the continuous development of economy. At the same time, according to the actual situation, it can be concluded that the development of private finance also has a positive impact on China's industrial structure adjustment. In the process of industrial structure upgrading and adjustment, we should further pay attention to the industrial guiding role of private finance, which can make it get the correct investment and development and promote its positive role. Through reasonable guidance, we can give full play to the positive impact of Private Finance on economic growth and industrial structure adjustment to the greatest extent.