The purpose of this paper is to study the impact of changes in China's population age structure on household savings from an empirical perspective. On the basis of reviewing the life cycle theory and its extensions, the population age structure is incorporated into the life cycle model, and a dynamic life cycle model including the factors of population age structure is constructed. Panel regression is used to analyze the relationship between the household savings rate and the age structure of the population by using the relevant data of 31 provinces and municipalities from 2012 to 2020.