Abstract: 20 years ago, the author proposed that Chin Pingmei was a transitional work from collective creation by artists to literati’s independent creation. In 2010 when A Collection of Research Papers on Chin Pingmei by Zhou Jun-tao was published, the author generalized this view as the transitional theory. In this paper, the author has given such theory another philosophical thinking, studied the three development phases of ancient novels with the concept of “inheritance and sublation”, and proposed that Chin Ping-mei is the transitional work from the collective creation of artists (e.g. Outlaws of the Marsh) to the creation (e.g. Dreams of Red Mansions )of independent literati. “Transition” is the primary feature of Chin Pingmei, which is the latest interpretation of transitional theory by the author concerning the formation of the novel. 20 years ago, the author proposed that Chin Pingmei was a transitional work from collective creation by artists to literati’s independent creation. In 2010 when A Collection of Research Papers on Chin Pingmei by Zhou Jun-tao was published, the author generalized this view as the transitional theory. In this paper, the author has given such theory another philosophical thinking, studied the three development phases of ancient novels with the concept of “inheritance and sublation”, and proposed that Chin Ping-mei is the transitional work from the collective creation of artists (e.g. Outlaws of the Marsh) to the creation (e.g. Dreams of Red Mansions )of independent literati. “Transition” is the primary feature of Chin Pingmei, which is the latest interpretation of transitional theory by the author concerning the formation of the novel.