Using the data of Chinese listed firms from the year of 2000 to 2015，we investigated the impact of relationship lending，bond financing on company loan cost.The results are as follows：Chinese listed firms can get loans with lower cost by the relationship lending and bond financing.Further research results show that information effect is the mechanism both in relationship lending and bond financing which reduce the cost of firms loan by reducing information asymmetry which solves the moral hazard and adverse selection problems.Competition is another important mechanism of bond financing which has an impact on the cost of firms loan.Bond financing with the introduction of the direct debt financing channel will cause a fierce competition in supply side of debt financing and have a positive effect on firms debt financing.