This paper analyzes the current situation and problems of financial aid work in colleges and universities. It puts forward the concept and goals of the precise financial aid and elaborates on the key elements of constructing the precise financial aid system in colleges and universities, such as precise identification, precise assistance, precise education and precise management. By changing from “bulk - distribution” to “precise - delivery”, it enables financially - challenged students to receive accurate financial aid and achieve comprehensive development. This paper makes an in - depth exploration of the construction and implementation of the precise financial aid system in colleges and universities.