Based on Leslie Matrix, the paper tries to predict the population fluctuation of Nanjing by considering the regional distinction and latest policy impacts, and hereby comes up with four conclusions: a) The population of Nanjing will see a relatively rapid growth between 2013 and 2020; b) Given the situation, the elderly population of the city will experience a much faster increase in the next 40 years, causing an elderly bulge that not only poses heavy burden to social welfare but also gives rise to a disproportionate population structure; c) The proposed retirement age extension in theory, will reduce the pressure on pension system by retaining active labors, and thus alleviating the problems of aging population to some extent; d) The newly-issued Two-Child Policy will not change the trends in or transform the population structure, therefore its effects on population aging is rather limited.