This paper selects five financial crisis cases, which are the Japanese Asset Bubble Crisis in the 1990s, the Asian Financial Crisis in 1998, the US Subprime Mortgage Crisis in 2008, the European Debt crisis in 2009-2012 and the Chinese Stock Market Crash in 2015. Respectively, we summarized the causes, evolution, risk-interaction mechanism of these crisis, as well as lessons of their intervention policies. The analysis of cases illustrates that there are at least seven common factors in major financial crisis. They are: (1) High leverage is the common factor. (2) It is difficult to estimate whether the risk will evolve into a systematic risk. (3) There are large-scale problem assets that are not identified and difficult to be valued separately. (4) Fire sale is the main source of crisis contagion. (5) In some cases, the transition from the private sector crisis to the sovereign debt crisis is very fast. (6) At the beginning of the major crisis, the authorities often have obvious errors in pre-judgment. (7) After the crisis broke out, market reports or credit rating from third-party institutions with huge market influence may become an important factor in worsening the crisis. Meanwhile, we also concluded the following six lessons involved in policy intervention in the five major financial crises:(1) It needs a clear understanding of each aspect and consequences of the crisis. And all parties involved need to have a consensus on the cost sharing to invention, which is a prerequisite for effective crisis intervention policy. (2) It needs to set up crisis response and intervention programs and legal authorisation procedures in advanced. Otherwise, it will easily lead to the inability to effectively implement interventions or cause excessive intervention. (3) After a major crisis happened, the authorities and the central bank may intensify the crisis if they concern about the moral hazard too much. (4) The main dominant intervention must have sufficient market credibility. At the same time, the lack of independence will also restrict the function of the central bank to play the role of the lender of last resort. (5) The cross-department coordination needs set up comprehensive interventions, which must be working in all aspects of the infection chain. It can control the crisis quickly, while the passive follow-up interventions can drive the crisis to spread to other sectors. (6) In order to effectively alleviate market panic, the intervention policy needs to have an overwhelming power.