This paper discusses the so-called “crisis” and “death” of comparative literature as a discipline, arguing that the congenital deficiency and internal illogicality are the root causes that make comparative literature lose the disciplinary consciousness in its growth. The theoretical turn, great emergence of cultural studies and the flooding of deconstructive torrent within the past thirty years are the external causes that lead the discipline into “crisis” and “death.” The paper asserts that despite its crises, comparative literature is not dying, but growing rapidly. The paper suggests that only by effectively constructing its disciplinary theory can Chinese comparative literature possibly strive to be the representative of the discipline in its third stage after French and American schools.