As one of the first long-term care insurance (LTCI) pilot cities in China, Ningbo City has gradually shaped its operation mode and established “five systems” of fund-raising, disability assessment, service supply, benefit payment and claim management. Through field investigation and data statistics, this paper analyzes the implementation plan and effects of LTCI of Ningbo City in detail, and summarizes the problems of financing mechanism, disability assessment, nursing service and operation by third-party agencies. After evaluating the risks by analytic hierarchy process (AHP), it is found that the LTCI needs to pay attention to the long-term care demand risk, operational risk, service supply risk and moral hazard. This article proposes a specific path for the sustainable development of long-term care insurance in the future, which is to improve policy design and establish an independent dynamic financing system, strengthen the uniformity and transparency of disability assessment, expand the scope of guarantee and improve nursing benefits, improve the quality and regulatory level of nursing services, clarify the procedures and systems for third-party agencies, and incentivize active participation by the third-party agencies.