This paper argued for the characteristcs of Confucianism incorporated in Shen Zi and “Shen Zi Commented on Modesty and Frugality” and tried to provide new interpretations to the three men named Shen Zi. This paper was divided into three parts: first, morality and modesty came together. Secondly, justice should always be considered before any benefits. Thirdly, the interpretation of “Shen Zi” was provided. The conclusions were as follows: first of all, Shen Zi and “Shen Zi Commented on Modesty and Frugality” were actually both derived from the thoughts of Confucianism. Furthermore, the lines “li guo jun yi wei guo ye, fei li guo yi wei jun ye”, “yi qiu jue lu zhi yi er qiu yi”, and “shen ke yi sha, sheng ke yi wu, ren ke yi cheng” in Shen Zi and the lines “gong jian yi li shen”, “gong yi wei li, jian mo pian yan”, and “wei min zhi gu, ren zhi zhi” in “Shen Zi Commented on Modesty and Frugality” all proved to carry the features of Mencius’ thoughts. Therefore, what could be inferred was that Shen Zi and Mencius might have some exchange on their thoughts. Moreover, observing from the conversations of Meng Ke and Shen Hua Li, we might conclude that there was a possibility that Shen Hua Li was actually Shen Zi. Based on the above results, we could contribute a lot to the researches on the thoughts of Shen Dao and “Shen Zi Commented on Modesty and Frugality”.