Abstract: The Central Geological Exploration Fund has emerged as a part of a new mechanism for geological exploration, as the mineral exploration capital market in China is still underdeveloped, the overall investment in exploration is insufficient, and geological work is in the transitional stage of reform. Through more than ten years of operation and development, significant achievements have been made in mineral exploration, which has played a positive role in reducing exploration risks, guiding and driving social investment. It has also made positive contributions to achieving the goals and tasks of the strategic action stage of mineral exploration and improving resource security based on domestic conditions. At present, our country attaches great importance to energy and resource security work. China’s geological exploration work has entered a new development situation, bringing new challenges and opportunities to the operation and development of the Central Geological Exploration Fund. Summarizes the “financial budget, market-oriented operation” operation mode initiated by the Central Geological Exploration Fund, analyses and summarizes many problems in the operation mode, explores the positioning, goals, and market-oriented operation mode of the fund, and puts forward suggestions.