Abstract: This paper outlined the internal and external development of pheasant raising, and the situation of pheasant raising in Kunming. The reproduction condition of pheasant and its market prospect were also analyzed. In order to infer the economic feasibility of pheasant reproduction in captivity, the authors defined 5 years' production period by analyzing cash flow, fund balance, breakeven point, sensitivity etc. of 300 breed pheasants. The result indicated its feasiblility to develop the pheasant reproduction in Kunming.