This review discusses the impact of the 2004 presidential election on Taiwan's political development. The impact is mainly referred to as the decline of political trust caused by the presidential election. It indicates that, the appearance of referendum issues, the gunshot event, the close electoral result, and the protests initiated by both the KMT and the PFP after the election, have created deep political distrust among the major political parties. Doubts and criticisms have taken precedence of serious policy debates before and after the election. These developments also erode people's trust on the government, political parties and political elites. Meanwhile, these developments further strengthen the distrust between people with different provincial origins and ethnic identities. The outcomes of these developments are of course detrimental to Taiwan's moving toward democratic consolidation. With the lack of political trust among major political actors, Taiwan is still an unconsolidated democracy.