Firstly, this paper makes a clear distinction between urban infrastructure capital stock and capital flow, and then tries to introduce the two types of variables into same analysis framework, and takes an empirical study on the relationship between the location choice of housing development investment and the capital flow and capital stock allocation of urban infrastructure by using the 31 provincial panel data. The results show that for the same area, if we control the other affecting factors, the urban infrastructure capital flow’s influence on the location choice of housing development investment is far greater than that of the urban infrastructure capital stock. And for the different area, the areas which have larger capital stock of urban infrastructure affect the location choice of housing development investment more than these areas which have small capital stock of urban infrastructure.