Abstract: In Chinese-English literary translation criticism, there is a puzzling problem that the English translations of some Chinese literary works get lots of praise in China but have few readers abroad.This paper deals with the problem from the perspective of Axiology, focusing on the recognition of value subject, on the relationship between appraiser and value subject, and on the criteria for the evaluation, with the conclusion that both the mis-recognition of value subject and the replacement of value subject by the appraiser would result in invalid criticism, and that too much weight on the transfer of the original culture into the translated work can not justify itself in the criticism.