Equity crowfunding is very crucial for the innovation-oriented countries and the development of equity crowdfunding platform opens the new gate for solving the problem of difficult financing existing in small and medium-sized enterprises, so it is of great significance to fasten the cultivation of new technologies, new industries and find out the new economic growth points. In China, the equity crowdfunding develops rapidly, but there are more and more problems being exposed, such as the forged projects in the platform, suspected legal absorbing of the public deposits, crowfunding swindle, issuing stocks and securities without supervision and permission and so on. All the frequently-exposed problems will seriously damage the legal rights and interests of investors. Nowadays, the formal regulation rules for equity crowdfunding platforms are not established and the relevant rights and obligations to be clarified for equity crowdfunding platforms from the perspective of legality are to be determined by the new “Securities Laws”. In this regard, it is of practical significance to improve the legal supervision and management mechanism in equity crowdfunding platforms as soon as possible. The paper analyzes the current status of legislation for supervision and management of crowdfunding platforms in China, as well as the relevant judicial practices. According to the problems of suspected legal absorbing of the public deposits, crowfunding swindle, issuing stocks and securities without supervision and permission and so on, the paper puts forward the suggestions on improving supervision and management of crowdfunding platforms in China and carrying on the systematic construction after drawing lessons from the mature modes of supervision and management in foreign countries. In this regard, the qualified investor access system shall be established, the hierarchical information disclosure mechanism shall be set up, the third-party fund depository system shall be improved, cooling-off period system for capital disposal shall be founded. It is recommended that the relevant supervision departments may follow them up timely and improve the legal supervision and management system in the platform as soon as possible so as to protect the rights and interests of investors in a better way.