Through the analysis on the basic connotation of the functional equivalent principle of the law on electronic commerce and the embodiment of functional equivalent principle of the law on electronic commerce at home and abroad, this paper discusses why the functional equivalent principle only exists in the law on electronic commerce, how the functional equivalent principle and other principles compose the basic principle system of the law on electronic commerce, and what kind of direct significance the functional equivalent principle and judicial practice have. And the paper comes to the conclusion that the functional equivalent principle cannot be the basic principle of the law on electronic commerce for a long time.