Taking Chinese A-share listed companies from 2011 to 2014 as sample, this paper makes an empirical analysis on whether environmental uncertainty and corporate governance can affect cost of debt capital. Empirical findings evidence that there is a positive correlation between environmental uncertainty and cost of debt capital, which means higher environmental uncertainty will lead to the rising of the cost of debt capital. Furthermore, we can find that companies with highercorporate governance level can restrict the positive correlation between environmental uncertainty and the cost of debt capital. Our results indicate that higher corporate governance level can help to relieve the debt pressure from environmental uncertainty. So, it is necessary to enhance the corporate governance level.