作为隶属于养老第三支柱的核心金融工具，养老目标基金的发行对于缓解我国养老财务压力及推动养老三支柱均衡发展有着积极意义，本文结合现实背景对养老目标基金发展现状进行梳理，并据此对其发展前景进行分析。首先对养老目标基金的定义特点及国内外发展历程进行了梳理。其次，从宏观及微观两个层面对养老目标基金发展过程中的机遇与挑战进行了分析。最后，对养老目标基金的未来发展进行了展望。

As a core financial instrument within the third pillar of the pension system, the issuance of pension target funds holds positive significance for alleviating China's pension financial pressure and promoting the balanced development of the three pillars of the pension system. This paper reviews the current development status of pension target funds against the practical background and analyzes their prospects accordingly. First, the definition, characteristics, and development history of pension target funds domestically and internationally are reviewed. Second, the opportunities and challenges in the development of pension target funds are analyzed from both macro and micro perspectives. Finally, the future development of pension target funds is projected.