The author of this essay thinks that ancient fiction study in the 20th century is undertaken under the influence of two main ideological trends of "application of learning to practical problems" and culture-academia. the ideological trend of culture-academia appeared during the May 4th and "new times", and formed two heights of culture-fiction study in this century. And the ideological trend of "application of learning to practical problems"had been all the rage for nearly 80 years,thus becoming the mainstream in the two heights above mentioned, turning academic multipoalrity into monopolarity,pulling academic culture into practical politics,and eventually into a blind alley. Observing the changes in the ideological trend of "application of learning to practical problems" and its four stages and five lessons,the author believes that "the pragmatic ration"is the cultural reason why it happened. The author delves into the current value and eternal significance of ancient fiction study, and points out that both restoration and explanation are the basic ways for this subject to participate in modern cultural constuction while classroom education, publication of specialized works and news reports are the main channels of practising the above mentioned participation. Restoration and explanation, both endless, give rise to the eternal significance of ancient fiction study.