Abstract: To meet the needs of the rapid development of urban rail transit, it has become a new topic faced by every city in the process of promoting urban governance as to how the urban rail transit enterprises (urban rail enterprises) regarded as the main body of rail construction investment and operation can improve the ability and level of modern governance. Therefore, based on the relevant research data of urban rail transit enterprises in 50 cities that have opened urban rail transit operation by the end of 2021, this paper makes an in-depth analysis of the property right structure, principal-agent relationship, corporate governance structure and corporate governance mechanism of these enterprises by using corporate governance theory. The results show that the property right structure of urban rail transit enterprises is mainly state-owned and state-controlled, and the principal-agent relationship is up to three-level principal-agent relationship. The internal governance mode of the company is mainly characterized by the integrated development of new and old "three meetings", and the external governance mode is mainly characterized by the "multi pronged" attribute of administrative governance, market governance and passenger governance. The main problems existing in the corporate governance of urban rail transit enterprises are imperfect governance structure, imperfect governance mechanism, "excessive insider control", "soft constraints" of administrative governance, insufficient stakeholder governance, etc. In view of these problems, this paper puts forward multi perspective solutions from the macro level.