Based on the panel data of 14 listed commercial banks in China from the first quarter of 2009 to the first quarter of 2020, this paper empirically tests the impact of interest rate liberalization on the systemic risk of commercial banks by using dynamic panel model, and analyzes the structural heterogeneity from three aspects of attribute, size and development opportunity period. The results show that interest rate liberalization significantly exacerbates the systemic risk of commercial banks, which still holds water after a series of robustness tests.Under the impact of interest rate liberalization process, the systemic risk of state-owned banks, large-scale commercial banks and commercial banks listed after 2007 are less affected. Based on the research conclusions, this paper puts forward corresponding policy suggestions on deepening the reform of interest rate liberalization and improving the early warning system of interest rate risk.