Medical alliances was the important path and key implement of the reform of medical and health system and hierarchical medical system at present in China. Based on the current status of regulatory implementation, this study used the Smith model as a framework to analyze the implementation of medical alliances regulatory policy from four aspects: policy itself，policy implementation subject，and policy implementation object and policy execution environment. The results showed that fuzzy policy objectives, insufficient coordination of implementing subject, low participation of objectives, and limited economic and technological environment influence regulatory effect. It is necessary to improve the regulatory policy system, clarify the rights and responsibilities of the subject, promote the participation of objectives, and optimize the social and technological environment to promote the high-quality development of the medical alliances.