Under the background that the market-oriented reform of China's banking industry, business restrictions and geographical restrictions of some banks are gradually lifted, and competition among banks is becoming increasingly fierce, re-adjusting the spatial distribution of bank sub-branches has become one of the essential ways of development. This paper focuses on the spatial evolution path of sub-branches in China's banking industry from 2007 to 2016. By referring to the industrial association thought in evolutionary economic geography, this paper puts forward two important variables to construct an interpretative framework, namely the financial relationship of local industry and the financial relationship of inter-regional investment flows. Considering gradual reform of China's banking industry, this paper also makes a comparative analysis according to the ownership and assets of banks. It is found that local financial relationship of industrial structure and investment flows can attract bank branches significantly, which will increase with banking market competition. The mechanism of factors can change with the banking market environment and the growth process of banks, showing the characteristics of stages. Finally, the individual heterogeneity can also influence the evolution path of bank sub-branches.