The planning and development of Hainan pilot free trade zone and Free Trade Port is not only out of the needs of Hainan’s development, but also an important measure and a strategic step for China to deepen reforms, expand opening up, achieve economic transformation, and respond to international competitions and challenges. The current research focuses on the theoretical basis, planning sce-narios, management mode, legal issues, and value and effect of Hainan free trade zone and domestic and international cases, but there is a lack of systematic and in-depth research on the planning and development of Hainan Free Trade Port. This study examined the types and functions, industrial development, spatial structure, policy and supervision, business environment, and risk prevention of Hainan Free Trade Port in an attempt to spur further debates among the policymakers and aca-demic community. Hainan Free Trade Port should become a pilot zone of the “double circulation” strategy, Regional Comprehensive Economic Partnership (RCEP), and China-EU Comprehensive Agreement on Investment (CAI), a complex and comprehensive free trade zone, which should take shipping logistics and international trade, and tourism and service trade as leading sectors, and research and development, manufacturing, and modern agriculture as auxiliary sectors. It should take the main island as the key platform, the outlying islands as the auxiliary, and various types of parks as the focus of development. On the basis of the management of the island’s customs zone, it should implement the management mode of “zones in free trade port”, and speed up the legislation of the Basic Law of Hainan Free Trade Port, which should be enacted to facilitate the free flow of goods, investments, capital, personnel, and information, and implement low tax policies, simplify the form and content of laws and regulations. In order to achieve sustainable development, Hainan should gradually improve the living environment and enhance the comprehensive transportation level, prevent economic and political risks, establish a coastal defense center and an illegal immigrant deporting center, and limit the development intensity of land and coastal zone and population size and density. This study has both theoretical and practical significance for enriching the academic research on free trade zones and the planning and development of Hainan Free Trade Port.