In　this　paper,　we　use　quantum　field　theory　to　model　the　term　structure　of　the　risk-free　treasury　bond　forward　interest　rate　and　the　spread　forward　interest　rate　which　represent　credit　default　risk,　and　then　construct　the　term　structure　of　the　risk-adjusted　local　government　bond　forward　interest　rate.　The　empirical　analysis　compares　the　fitting　effect　of　the　new　model　under　the　quantum　field　theory,　the　traditional　model　under　the　quantum　field　theory　and　the　traditional　financial　two-factor　HJM　model,　deduces　the　updating　process　of　the　instantaneous　forward　rate　of　local　government　bond　under　the　new　model,　predicts　the　instantaneous　forward　rate　of　local　government　bond　and　tests　the　robustness.　The　empirical　results　show　that　the　prediction　effect　of　the　new　model　under　the　quantum　field　theory　is　better　than　the　traditional　model　under　the　quantum　field　theory　and　the　traditional　financial　two-factor　HJM　model,　and　it　has　passed　the　robustness　test　of　the　model.　Through　the　reasonable　modeling　and　prediction　of　the　term　structure　of　local　government　bond　forward　interest　rate,　it　is　of　great　significance　for　relevant　departments　to　understand　the　default　risk　of　local　government　bond.　©　2021,　Editorial　Board　of　Journal　of　Systems　Engineering　Society　of　China.　All　right　reserved.