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Social credit management is a global issue, has become an important aspect of the economic development of various countries. In the process of social transformation in modern China, the social credit management system has undergone three stages of evolution: from scratch to existence, from existence to reality, and from reality to refinement. Based on the review of the transformation of market order and the construction of social credit system in China, this paper makes a systematic analysis of its main content and internal logic. From the perspective of Huntington’s “political decline” and other Chinese and foreign theories, this paper discusses the relationship between the three main bodies of social credit construction — market, society, government and market order respectively, in an attempt to provide inspiration and ideas for the construction of China’s future social credit system.