Physical and chemical characteristics of spiramycin (SPM) were reviewed in this paper. The degradation rule and kinetics of SPM in acid and alkaline solutions were studied, and the kinetic parameters were calculated. The experimental results showed that the stable range of SPM in water is at pH 4.0~10.0 Degradation occurred seriously at pH<4.0 and pH> 10.0, especially at pH< 2.8 and pH> 12.8. For this reason, the yield of SPM is greatly affected. The solubility in water was also studied by using reference data. The thermodynamical parameters were calculated. The results showed that the solution of SPM in water is exothermic. The solubility decreases as temperature rises.