Abstract: By collecting the record of secondhand housing price around Shanghai Metro Line 8, this paper applies a gridbased accessibility analysis model to compute the impacted areas. In addition, the characteristic variables are defined in oder to analyze the spatial and temporal effects of the Line 8 on housing price around it by applying the hedonic price model. The result shows that the Line 8 has positive effect on housing price. If the location of the house is close to the Metro station, the price will be higher than other houses; and the impact gradually gets weaker when housing is farther and farther away from the Metro station. Furthermore, Shanghai Metro Line 8 has an obvious temporal effect, Metro station in different location has different rising rate. The accessibility analysis and temporal effects of new line involved in this paper are seldom used.