Schwartz’s theory of basic human values is undoubtedly the most influential theory in value research area. In 2015, according to the citation rates, the main research reports of the theory were rewarded by Web of Science as “the top 1%” articles in psychological fields. The central assumption of the theory is that values exist as a circular motivational continuum. In past 25 years’ refining and reconstruction, the theory had changed from the original seven basic personal values(1987), to the expanded ten(1992),and finally the refined nineteen basic human values(2012).The newest reconstruction of the theory divides the motivational continuum of values into a series of well defined, conceptually distinct values, namely self-direction-thought, self-direction-action, stimulation, hedonism, achievement, power- dominance, power-resources, face, security-personal, security-societal, tradition, conformity-rules, conformity-interpersonal, humility, benevolence-caring, benevolence-dependability, universalism-concern, universalism- nature, and universalism-tolerance. Above those first-tier values, there exists a second-tier value dimension, namely openness to change verses conservation, self-enhancement verses self- transcendence, social focus verses personal focus, and growth verses self-protection. The present paper aims to clearly overview the developmental vein of Schwartz’s theory. Firstly, it clarified the different construction stages of Schwartz’s circular structure of values and meanwhile provided detailed information on the main thoughts and methods he devised for theory formulation and modification. Second, due to the previously imprecise translation and subsequent messy usage among domestic value research, we systematically examined and modified the extant translations of core definitions and markers of each value in Schwarz’s value theory. In addition, we minutely depicted both compatible and incompatible motivations underlying each value, and offered dimensions that could be devised to group values contingent on the specific research question. Third, the paper also introduced and discussed the characteristics of and differentiations between the two major instruments, the Schwartz Value Survey (SVS) and the Portrait Values Questionnaire (PVQ), which had been extensively used in value research fields. Of great significance, current paper elucidated the principles on how and when to utilize the theory and key points of data processing. Last but the least, the paper also outlined the newest research findings devising Schwartz’s value theory in multiple study fields, such as values and behavior, values and personality, values and cognitive features, etc. To conclude, the present paper systematically reviewed the formulation and incremental modification of Schwartz’s value theory as well as its measurement and application, enhancing researchers’ understanding of the potential and fundamental significance of the Schwartz’s value theory, and hopefully draw much more attention and hence more in-depth research, especially in the Eastern cultural background.