Since its launch，the OTC interest rate derivative market in China has gradually matured；the number of relevant products has been on the rise；market structure has improved；and relevant systematic arrangements have been put in place. They have combined to provide effective tools for interest rate risk and asset-liability management for market participants. This article analyzes the development and characteristics of the OTC interest rate derivatives market in China as well as the deep-rooted factors that restrict the further development of the market. It also put forward suggestions on the development of the OTC interest rate derivatives market in the coming years.