Taking the non-financial listed companies in China from 2012 to 2014 as the research sample, this paper makes an investigation on the accuracy of the securities analysts'earnings forecasts and the factors affecting the accuracy on the listed companies.The results show that the average accuracy of analysts' earnings forecast is not high in China.Earnings forecasts have an optimistic bias and the accuracy of forecast has an increasing tendency year by year. Analysts are keen on earnings forecasts for companies with stable earnings, low forecast difficulty, and better operating prospects. The more tracking reports, greater size, faster growthrate and stronger earnings predictability will bring higher accuracy of earnings forecast. The higher leverage level and the greater volatility in earnings in the history bring lower accuracy of earnings forecast. We can find that the leverage level and earnings predictability have great impact on the accuracy of the analyst.