According to the data from December 25th, 2017 to November 30th, 2023, the leverage effect and risk spillover effect of price fluctuations of futures and spot goods of apples were examined with the GARCH family model. The empirical findings showed that:（1） the amplitude of price fluctuation in the place of origin of apples was bigger than that of the wholesale price and the futures and spot goods markets of apples had obvious fluctuation clustering.（2） spot goods prices and closing prices of futures of apples had significant GARCH-M effect, income and risk were positively correlated, and the risk premium of the spot goods market of apples was higher that of the futures market, indicating risk aversion of participants in the spot goods market.（3） the response of wholesale price and futures price fluctuation of apples to negative impact was bigger than that to positive impact.（4） there was a spillover effect between the futures index of apples and the price of apples in the producing area, which was asymmetric and unidirectional, which meant that fluctuation of the futures index of apples caused the fluctuation of the price of apples in the producing area. According to the research conclusions, suggestions were given in three aspects.