The high housing prices of many major cities of China has becoming a hot social topic recently. This paper, taking Shanghai as an example, had specified the Hedonic Price Method as the research method through combining the theoretical research and empirical research method. According to the selected specific characteristic variables, this paper had collected 240 data in which 220 data were valid, and used related econometric software (Eviews7.0) to debug and analyze those data further to construct a model of the influences of specific factors on housing prices. Straight after, the paper summarized the result, confirmed the influence degree of various factors on housing prices and analyzed the housing price in Shanghai from the perspective of the hedonic price theory. Hereby the paper had come to a conclusion to help consumers buy house with relatively good position, high quality satisfaction and reasonable residential housing price. Besides, the paper had put forward practical Suggestions for Shanghai real estate management department to timely grasp the housing price distribution and control urban commercial house price macroscopically.