On basis of option pricing and cash flow discount theories，this paper first provides an overview of the origins and advancement of theories on credit risk pricing of corporate bonds and then reviews the three major models for pricing credit risk of corporate bond ( i． e． ，structural model，intensity model and hybrid model) ． After thorough comparisons on the three models from different perspectives，this paper analyzes the advantages and disadvantages of the models． Finally，the paper makes suggestions on issues on which future researches on credit risk pricing should focus．