Abstract: As institutional investors，the mining fund’s investment in mining firms has impacts on exploitation and utilization of mineral resources.Drawn on a dataset of international and domestic mining investment，this paper used a phased analytical method to study holding preferences of mining funds’investment and its impact on firms’ performance.The empirical study suggests that，while international mining funds were characterized as long-term investors，domestic mining funds demonstrated behaviors of short-term speculators.Moreover，international mining funds’ shareholding of mining firms had significant and sustained positive impacts on invested firms’performance，while domestic mining funds had significant and negative impacts.This research contributes directevidences to understanding the relationships between mining funds and invested mining firms in different context and brings out suggestions and advices for the development of domestic mining investment.