This paper examines the progress of financial cooperation in East Asia, and suggests the direction of future cooperation and challenges. Since 1997 financial crisis, East Asian countries have achieved remarkable results, such as CMIM, Asia bond fund, Infrastructure of Asian Bond Markets, AMRO, ASEAN+3 Finance Ministers and Central Bank Governors` regular Meeting and so on. However, until now, it is too difficult for East Asian countries to integrate their financial markets or to adopt a common currency in the short run because it is not easy to stabilize their regional financial markets. In addition, the amount of Asia bond fund is still too small relative to the size of the entire Asian financial market. It is likely to take a long time to complete their financial system to activate the bond markets. Besides, a permanent dedicated organization for the ASEAN+3 finance ministers` meeting was not yet established. Nevertheless, considering the velocity of economic growth, the size of trade and the linkage of financial markets during the last twenty years, these financial cooperation among East Asian countries is likely to be continued, and each of East Asian governments should try to improve the relevant infrastructure for the cooperation.