Abstract:The innovations in literary theory criticism may well met with barriers in vertical axis of time and horizontal axis of vision. This paper views, both western and Chinese contemporary theories are in the lack of wide and broad foundations. To meet the demand of social cultural development and literary development in the new millennium, we should take a renew view of many existing concepts and try to rise over the "non aesthetical" and "pan culturalized" tendency. It also holds the stand that the reconstuction of an all round system of literary theory is of slim promise. At last, it calls for the competition, blending and coexistence of different literary theories.