The era of big data requires innovative ways of social governance. The social credit system is based on credit information. The credit punishment system that integrates big data technology is a tool to achieve effec? tive social governance. The credit punishment system is the guarantee for the effective operation of social credit governance. The credit punishment system has three value dimensions: moral constraint, contract autonomy and state control, which can effectively realize the function of prevention and correction. The game theory model of economics is used to analyze the internal mechanism of credit punishment system. Meanwhile, this paper tries to predict the impact of the system on the behavior subject’s decision-making, and then put forward the counter? measures for the legalization of the operation of the credit punishment system at the institutional level in order to make a practical and rational response at the institutional level.