Cross-border e-commerce based on mobile internet is a new combination of mobile internet and international trade, as well as a refreshing way to break through the stagnant situation of current international trade. In the light of different business models of cross-border e-commerce based on mobile internet, this paper classifies the current business models into three types: cross-border large-scale B2B, cross-border vertical B2C and cross-border C2C and analyses their developing trends with the comparison of the operating mechanism of these three modes. We find that logistics warehousing and quality control are the two mains restrict factors. As cross-border large-scale B2B and cross-border vertical B2C have better logistics and after-sales solutions, they will become the main mode for future development, while cross-border C2C will provide differentiated goods and services filling the commercial gap between the two. Cross-border e-commerce based on mobile internet is not only an innovation of traditional international trade in the internet era but also the inevitable development of e-commerce for the next step.