In recent years, with the sustained and rapid development of economy in China, the capital support is needed for the real estate industry. However, the healthy development of China's real estate was obstructed by the limitation of traditional financing ways. So the Asset-Backed Securitization (ABS) becomes a new feasible solution to this problem. In this paper, the primary conception, functions and the development of ABS overseas are introduced. Then the attention to the operating models, operating procedures and legislation environment is focused. Finally, the practical condition for application of real estate securitization in China is analyzed and relevant countermeasures are put forward.