Since the implementation of the Labor Insurance Regulations of the People's Republic of China in 1951, the social insurance collection system has gone through four stages of reform in China. Based on the review of the reform of social insurance collection system, this paper analyzes the policy effect of social insurance collection system reform in recent years from the change of social insurance collection system and insurance contribution, then we will find that: firstly, there are some problems, such as imperfect laws and regulations, lack of significant advantages in collection and policy flexibility; secondly, the social insurance contribution rate is still high and the financial sustainability pressure of pension fund is rising; finally, because of the labor market diversification and multiple policy changes, enterprises will face new challenges in the cognition and management of social insurance policy. As a result, this paper presents recommendations from three aspects: strengthening the tax collection effect, designing a comprehensive plan of social insurance contribution, and improving the comprehensive management quality of enterprise social insurance.