On the subject of large shareholders and corporate governance under multiple shareholders structure, this paper conducts a systematic review and comments on the multiple large shareholders, the check and balance ownership between them and the relation between them. The results show that firstly, the reason of imbalance of the check and balance ownership in the multiple large shareholder structure is the cognitive confusion of “relationship of large shareholders”; secondly, consideration of the governance of microcosmic body, particularly the second largest shareholder is an effective breakthrough point to balance the check and balance ownership.