This paper constructed pig supply chain based on theoretical study and practical research, then analyzed the operation model of pig supply chain from tem- poral and spatial perspectives. The results showed that from the spatial perspective, pig supply chain had five models of operation, such as vertical integration pig sup- ply chain, quasi-vertical integration pig supply chain （tightly-knit pig supply chain）, semi-tightly pig supply chain, loosely-organized pig supply chain and market-oriented pig supply chain. In contrast, from temporal aspect, pig supply chain experiences the pure market transaction, contract form, cooperatives, vertical integration and hori- zontal integration model of operation; the future pig supply chain model in China might be the longitudinal transverse group alliance pig supply chain, namely, the upper vertical integration or quasi-vertical integration （leading processing enterprise ＋ farmer） and down horizontal integration （leading processing enterprises ＋ logistics company ＋ sales）, and it would be a kind of competition among interest groups by division of cooperation.
The double moral hazard of ＂company ＋ farmer＂ and the time preference cost of company and farmer was analyzed. According to static game model, it re-vealed that the reason for low compliance rate of ＂company ＋ farmer＂ model was the existence of market risk, namely, the fluctuation of market price, and the stable market price in contracts was actualy a kind of interval, instead of a specific value. Furthermore, the effect of default penalty, market transaction cost and time prefer-ence cost on the stability of contract was studied. The results showed that default penalty, market transaction cost and time preference cost had positive influence on the price interval range of a contract.
