This paper incorporates adaptive learning and heterogeneous expectations into the traditional rational expectation medium-scale DSGE model. In our model, some agents make mistakes when forecasting future macroeconomics variables, while other agents have rational expectations, so the expectations present heterogeneity. The estimation and simulation results of our model show that: (1) Public expectations in China are dominated by the adaptive learning behaviors; (2) Heterogeneous expectation behaviors reduce the responses of inflation and output to the money supply shock. Technology shock contributes most fluctuations in inflation, and investment shock plays an important role in explaining the output fluctuations.