The ”Sleeping Lion” image has figured prominently in the modern discourse of the Chinese national identity since the beginning of the 20(superscript th) century. This study aims to trace the birth of this image, and to explore the trajectory of its changing meaning in different textual and historical contexts. First, I try to clarify and dismiss the legend that this image was coined by Bonaparte Napoleon to praise China's potential power. Secondly, I argue that Marquis Tseng's idea that China should be awake after long sleep was further modified and appropriated by Liang Ch'i-ch'ao in his formulation of the ”Sleeping Lion” image. Initially, Liang intended to criticize China as a inactive and bulky nation in terms of the ”Sleeping Lion” symbol. However, this negative meaning of this symbol was soon to be downplayed in the numerous discourses of the modern Chinese national identity. Instead, ”Sleeping Lion” image was mainly interpreted as a positive symbol representing the great potential power of the Han people or the whole Chinese people. Like the ”Yellow Peril” image, it was even regarded by many Chinese elites as a compliment on China by the Western Powers. In spite of this development, however, there were still different ”voices,” which either challenged the appropriateness of this image in representing China, or proposed alternative images, such as ”Sleeping Beauty” coined by Hu Shih. By means of analyzing these ”counter-discourses,” I look into the multiple meanings, as well as ambiguities of the ”Sleeping Lion” metaphor, and therefore reflect upon the distinguished characteristics of the discourse of the modern Chinese national identity. Instead of adopting an essentialist approach, I try to historicize this complex cross-lingual/cultural phenomenon in order to illuminate more clearly the modern Chinese intellectuals' contradictory and complicated feeling toward the dominant western cultures.