On the basis of the Basu model and the data of listed corporations of China from 2010 to 2012, this paper makes an analysis on the impact of ultimate controlling shareholder and Pyramid ownership structure on accounting conservatism under the condition of Pyramid ownership structure. The research finds out that the separation of two rights in the ultimate controlling shareholders is negatively correlated with accounting conservatism, whereas the cash flow rights of ultimate controlling shareholders are positively correlated with accounting conservatism. The control rights of ultimate controlling shareholders on the listed corporations is negatively correlated with accounting conservatism. If the ultimate controlling shareholder belongs to the government type, the accounting conservatism in this kind of company is greater than that of the non-government type and the hierarchy of Pyramid ownership structure is negatively correlated with the accounting conservatism.