This paper analyzes the problems of Chinese social pension fund under the background of aging situation from the angle of the game between government and enterprises. By predicting the future burden ratio (aging indexes) of Chinese Pension System and comparing the pension cost rate and contribution rate, this paper analyzes the risks exiting in the Chinese pension fund and concentrates on the game of pension fund risks between government and enterprises. At last, the article proposes the measures to regulate the game behavior and complete the pension fund system.