Abstract: Based on the daily stock closing price data of 14 A-share listed banks in China from January 2009 to June 2021, this paper makes a comparative analysis of the contagion efect of risks in the banking industry before and after the outbreak of COVID-19. Based on the transfer entropy method, this paper calculates the correlation network matrix of inter-bank risk contagion efect and empirically studies the contagion efect of risks in the banking industry before and after the outbreak by using social network analysis method, depicting the network structure of systemic risk contagion in Chinese banking industry. This study found that the risk of interbank system increased signifcantly after the outbreak and the key nodes of bank risk contagion have also changed before and after the outbreak; state-owned banks are less risky, joint-stock banks and local fnancial institutions are riskier, and the contagion efect of risks between banks is asymmetric.