Abstract: Yibin, one important city of south Sichuan conurbation, is taken as the research subject in an attempt to do an early warning research of its real estate bubble by adoption of the indicator method and efficiency coefficient method, which finds that the overall real estate market operation runs rather smoothly (of the ten years from 2001 to 2010, six years saw the comprehensive market vigilance parameter stay in the range safety, with the exception of merely four years of 2001, 2002, 2006 and 2010, marking a normal market operation rate of 60%.