Aiming　at　the　shortcomings　of　the　correction　factor,　the　paper　adjusts　the　multifractal　volatility　measure,　and　establishes　ARFIMA　models　and　HAR　models　reflecting　its　characteristics.　The　empirical　studies　confirm　that　the　stock　market　of　China　has　significantly　long　memory,　leverage　effect　and　heterogeneous　volatility.　The　empirical　results　from　out-of-sample　forecasts　show　that　the　models　based　on　multifractal　volatility　are　more　effective　forecasting　models　than　the　GARCH　family　models　and　the　adjusted　multifractal　volatility　measure　provides　more　effective　volatility　estimation.