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Enter 21 century more and more people pay more attention on invest which can increase their value. In fact people have many choices in the market what include public debt saving the money in bank invest the stock market invest Treasury bills and so on. As we know stock market has risk. The stock markets have the higher risk than the Treasury bill and saving money in the bank( Treasury bill and saving money in the bank have the lowest risk in all of the invest dealing). As a result a significant number of people invest to the stock company. They are paying with real money and capital in the risk market therefore requires a higher return from the market portfolio than from Treasury bills and bank. People and the professional scholar often used the model and significant number theories to analyze the risk when they would to invest the stock market and stock companies. Different companies have the different feedback when they face to same risk. Economist invent many method used to found the profitable field of investment which is the low risks portfolio. No one can foresee this theory would very grandness when William.F.Sharpe and John Lintner created Capital Asset Pricing Model for calculation capital rate of return until Markowitz makes it perfect. Markowitz used this theory to the base of investment portfolio theory and developed separately. Richard（2007）believed that The a simple interpretation of CAPM is that the expected rates of return demanded by investors depend on two things. One is compensation for the time value of money (the risk-free rate). Another one is a risk premium, which depends on beta and the market risk premium. In this essay we will discuss CAPM theory in the real world. I am divided this essay into three part firstly I will introduce what is CAPM and the main point of CAPM and briefly show the formula means, secondly will emphasize analyze and discuss assumptions which base of the CAPM. I will use some data show why those assumptions are impossible. In the thirdly part there is a new theory which is based of the CAPM.