After more than 30 years of development, the housing provident fund system has made remarkable achievements. As an important part of China's social security system, it has gradually become the focus and hot spot of hundreds of millions of workers across the country. With the continuous acceleration of China's economic development and the leap forward improvement of people's living standards, housing provident fund management departments at all levels have done a lot of work in order to meet the housing needs of the majority of employees, around the improvement of the system, give full play to the role of institutional housing security, and strive to improve the housing consumption capacity of the majority of employees. Building a well-established housing provident fund system is not only the responsibility of the housing provident fund management departments at all levels, but also the due meaning of realizing the great goal of common prosperity of the whole nation. This paper will take "common prosperity" as the research background, take the current development status of China's housing provident fund system as the research subject, explore the disputes and deficiencies of China's housing provident fund system under the background of common prosperity, and put forward some feasible reform suggestions to promote the higher quality development of housing provident fund.