The development of marketization and legalization of personal credit is the demand and general trend of the market, which drive and complement each other. For a long time, the marketization of China’s personal credit industry has been slow, with problems like policy risks of volatility, suspicion of administrative monopoly, and excessive government intervention in the market, which not only fails to achieve successful development of the industry but also runs counter to the inherent requirements of optimizing the business environment and building a government based on the rule of law. The relationship between the government and the market is the main thread that runs through the marketization and legalization of personal credit and the critical breakthrough to seek the optimization of the path. Specifically, the government should clarify the top-level design and reshape the regulatory thinking, deregulate access and stimulate market vitality, strengthen negotiation and interaction and establish scientific standards. In the mid to late stages, it should adopt an inclusive and prudent attitude, and the concept of classified supervision and functional supervision, move from one-way government control to cooperative governance by multiple subjects and safeguard the marketization process of personal credit industry with support of rule of law.