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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>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001288136</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2013</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2013</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>This 13F includes positions over which the Reporting Manager exercised investment discretion as of September 30, 2013.  The Reporting Manager believes that, as of this quarter-end, each of these securities is a section 13f security, as defined in Rule 13f-1c under the Securities Exchange Act of 1934, and thus has included these positions in this Form 13F.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Jeff Stolt</name>
      <title>Chief Financial Officer</title>
      <phone>6122383300</phone>
      <signature>/s/ Jeff Stolt</signature>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>11-13-2013</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>469</tableEntryTotal>
      <tableValueTotal>9026841</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
    </summaryPage>
  </formData>
</edgarSubmission>
