Recently under the rapid development of Internet syndicated loan, it has become an important part of credit market. The literature mainly analyzes the impact of internet syndicated loans on credit market and banks’ risk taking strategy, but the perspective of cooperation mechanism is rarely studied. This paper constructs a theoretical model and analyzes the impact of the Internet syndicated loans on the credit market from perspective of cooperative mechanism. The results show that: 1) The Internet syndicated loans cooperative mechanism makes Internet financial institution prefers borrowers with higher loan interest rates which have higher risk;. 2) Traditional commercial bank independently risk management reduces credit market risk, and increases the scale of the credit market; 3) The Internet syndicated loans cooperation mechanism makes traditional commercial banks less likely to do independently risk management. Based on these conclusions, we suggest that the regulator sets an upper limit on the fee ratio charged by Internet financial institutions to traditional banks, so as to improve the willingness of doing independently risk management by traditional commercial banks and reduce the risks of the credit market.