In view of the rapid development of Large Language Model （LLM） technology， a comprehensive analysis was conducted on its technical application prospects and risk challenges which has great reference value for the development and governance of Artificial General Intelligence （AGI）. Firstly， with representative language models such as Multi-BERT （Multilingual Bidirectional Encoder Representations from Transformer）， GPT （Generative Pre-trained Transformer） and ChatGPT （Chat Generative Pre-trained Transformer） as examples， the development process， key technologies and evaluation systems of LLM were reviewed. Then， a detailed analysis of LLM on technical limitations and security risks was conducted. Finally， suggestions were put forward for technical improvement and policy follow-up of the LLM. The analysis indicates that at a developing status， the current LLMs still produce non-truthful and biased output， lack real-time autonomous learning ability， require huge computing power， highly rely on data quality and quantity， and tend towards monotonous language style. They have security risks related to data privacy， information security， ethics， and other aspects. Their future developments can continue to improve technically， from “large-scale” to “lightweight”， from “single-modal” to “multi-modal”， from “general-purpose” to “vertical”； for real-time follow-up in policy， their applications and developments should be regulated by targeted regulatory measures.
