With the further development of new urbanization and implementation of the rural revitalization strategy, spatial governance in metropolitan fringe is worthy of attention. As the metropolitan fringe is located at the junction of urban and rural areas, population, society, resources, and other issues in metropolitan fringe reflect the urban-rural conflicts. Therefore, the spatial governance in metropolitan fringe is of great significance for the balanced development of urban and rural areas. As collaborative governance of multi-subjects is a clear requirement for the improvement of national governance system and governance capacity, it is important to examine how to realize the spatial governance of multi-subjects coordination in metropolitan fringe. Based on the perspective of multi-subjects, this study examined the theoretical framework, structure, issues, mechanisms, and paths of spatial governance in metropolitan fringe, and drew the following conclusions. First, through the literature and theoretical analysis of the relationship between the governance subjects and the spatial characteristics of metropolitan fringe, this article summarized the theoretical framework of spatial governance in metropolitan fringe from the perspective of multiple subjects. It showed that with the transformation of governance subject in metropolitan fringe from single subject to multi-subjects coordination, urban and rural spaces gradually develop to a balanced state. Second, by exploring the historical development of metropolitan fringe, this study concluded that the spatial governance structure of metropolitan fringe has gradually transformed from single center structure to multi-centric network structure. Third, in the process of spatial development in metropolitan fringe, the multi-subjects follow the principle of maximizing their own interests to compete for resources. The competition for spatial resources causes three problems of spatial governance, which are the diversification of material space, the differentiation of social space, and the imbalance of spatial power. Fourth, the multiple subjects follow their own spatial governance needs and logic to implement the corresponding governance mechanism for the urban fringe. Finally, based on the cooperation of multi-subjects, the optimized path of spatial governance in metropolitan fringe is concluded. Based on the above conclusions, this article summarized and constructed the progressive research framework of "governance structure-governance issues-governance mechanism-path optimization". At present, the research of spatial governance still needs to be improved. In order to promote the institutional turn of human geography and constantly expand the research field, it is vital to strengthen the research on the spatial relationship, governance mechanism, and path optimization of multi-subjects and metropolitan fringe.