Taking the 2007—2019 A share listed companies in Shanghai and Shenzhen as research objects, this paper empirically tests the impact of related party guarantee on audit fees and audit opinions. The results show that listed companies’acceptance of related party guarantee significantly increases audit fees and the probability of being issued non-standard audit opinion, and the greater amount of guarantee, the higher the audit fees and the higher the probability of being issued non-standard audit opinion. From the mechanism of action, violation risk and excessive debt both play an intermediary role in the relationship between related party guarantee and audit fees. The further study shows that the probability of financial restatement increases for companies accepting related party guarantee in the following years. In addition, analysts tracking the relevant operation have the function of external supervision. The impact of related party guarantee on audit fees is not significant in the group with more analysts’ tracking.