In July 2008, Chinese government has launched a $3.5 billion initiative to accelerate the development of new genetically modified plants, which is very significant to the plant biotechnology development in China. In this historic moment for plant biotechnology, we looked back to its historic development globally as well as the current status in China. Moreover, we discussed some issues in China that may cause restriction to the research and commercialization of plant biotechnology. In this paper, the author also presented the different views on the potential risk coming from plant biotechnology as well as the current situation in China, in which there is the necessity to perfect and thoroughly apply a rigor law system to supervise the plant biotechnology research and development. In China, plant biotechnology gives a promising future: however, opportunity always comes with challenge.