Abstract: This paper investigates characteristics of interbank contagion risk based on endogenous bank networks. Through describing bank business activities, this paper constructs an endogenous network model for banks, and then investigates the effects of the range of trading partners, the scale of liquidity shock, bank investment and its return volatility on interbank contagion risk. The results show that the network model constructed has the characteristic of money-center structure, that the increase of the range of the interbank borrowing can reduce the effect of contagion risk in the initial period, but it increases that effect over time, that liquidity shock scale, bank investment scale and investment return volatility have negative effects on contagion risk.