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<edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001288136</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2013</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2013</reportCalendarOrQuarter>
      <filingManager>
        <name>Pine River Capital Management L.P.</name>
        <address>
          <com:street1>601 CARLSON PARKWAY</com:street1>
          <com:street2>SUITE 330</com:street2>
          <com:city>MINNETONKA</com:city>
          <com:stateOrCountry>MN</com:stateOrCountry>
          <com:zipCode>55305</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-10902</form13FFileNumber>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>Pursuant to the Answer to Question 44B in the Division of Investment Management: Frequently Asked Questions About 13F, we entered 99,999,999 in the voting authority field in Column 8 for Annaly Capital Mgmt. The correct number for this field is 165,597,000.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Tim O'Brien</name>
      <title>General Counsel and Authorized Signatory</title>
      <phone>612-238-3300</phone>
      <signature>Tim O'Brien</signature>
      <city>Minnetonka</city>
      <stateOrCountry>MN</stateOrCountry>
      <signatureDate>08-12-2013</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>441</tableEntryTotal>
      <tableValueTotal>6441051</tableValueTotal>
      <isConfidentialOmitted>true</isConfidentialOmitted>
    </summaryPage>
  </formData>
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