During the late Warring Period, the Qing and Han dynasties, a new philosophical school entitled “Philosophy of the Yellow Emperor (Huang Di) and Laozi” is formed based upon the concepts the two representative figures and those of various philosophers of Pre-Qing Dynasty. The philosophical though slowly becomes a systematic school during the late Warring Period, and Ho Shang Gong is considered its pioneer. The work named after him, Ho Shang Gong’s Annotations on Laozi is one of the most representative works. According to historical records, we can clearly trace the heritage inherited by Ho Shang Gong, and get a glimpse of the esteemed social and political status these philosophers enjoy. Through textual research of the author and other scholars, we think it rightful to assume that Annotations on Laozi is composed during the reign of Emperor Zhao of West-Han Dynasty, but no later than Emperor Xuan, and is authored by a civilian hermit belonging to the school. Ho Shang Gong’s Annotations on Laozi is an existing text that is composed at an earlier time, but an annotation which exerts great influence on later studies of Laozi. It focuses on the management of the country as well as the care of the physical body, with special emphasis upon the latter. In general, Ho Shang Gong’s Annotations can be described in the following four aspects: to view yuan-qi (energy) as the origin of all creatures of the world, to set up a parallel between the management of the country and the care of the body, to emphasize more on the personal health than the governance of public matter, and to conclude with a treatise on the preservation and cultivation of energy. A close study on Ho Shang Gong’s Annotations can also inspire us to better understand the evolution of the relationship between “Philosophy of the Yellow Emperor (Huang Di) and Laozi” and Daoism.