The stock market in China has developed gradually since the 1990s; it is divided into six phases based on the characteristics of the development path. The first is the sprouting and initial phase and the second phase is about the rapid development and maturation. Further, the third phase is the transformation and the fourth phase is the split-share structure reform. Finally, the fifth phase is about the open stage of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect while the sixth phase is the developing stage of financial security and the core technology. Additionally, in response to the financial environment in each phase, the Chinese stock market has been reforming and innovating constantly. For example, to develop the systems of Qualified Foreign Institutional Investors (QFII), Qualified Domestic Institutional Investors (QDII), and RMB (Renminbi) Qualified Foreign Institutional Investors (RQFII), as well as to open the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, all of these have brought new changes to the market. Take an overview of the Chinese stock market in recent three decades, through observing the context of the stock development, it has occurred abnormal volatility twice, which is the volatility in 2007 and 2015. The study aims to understand the similarities and differences of the aforementioned volatility and conducts a comparison and analysis from the perspectives of economy, monetary policy, and stock system; as a result, generates a conclusion regarding the similarities and differences of the volatility.