The population regulation policy of Shanghai, intervened by policy, guided by the government with the characteristics of market optimization, has made certain progress in aspects including urban development and migrant population management. However, it shows deficiency in limit and efficiency under the old household registration system. Therefore, the new household registration system urgently requires a clear analysis framework for population regulation and the government should be clear about game in the social, political and economic aspects as well as the population problem demanding solution. It is argued that in this paper the government should focus on the population regulation ways in different periods, space and social strata to rebuild the population regulation strategy of Shanghai with the guiding principle of respecting the connotation of new household registration system.