This paper discusses the meanings and characteristics of contemporary hermeneutics by examining its origin, its delvelopment and its future as ontological hermeneutics. The whole discussion is conducted in seven sections. The first section points out the basic characteristics of hermeneutics, such as historicity, wholeness, circularity, and methodology, by means of an examination of its insufficient definitions in three different philosophical dictionaries. The second section reveals the prototype of the pre-hermeneutical phase in terms of the biblical interpretation and through a reflection of its way of interpretation. The third section shows how Schleier macher's analysis of the objectivity of understanding opens up the discussion of the general hermeneutics as he sets up the universal principle of historicity as the main theme of contemporary hermeneutics. The fourth section deals with the way that Dilthey develops "Erieben hermeneutics" philosophically, in comparing Verstehen and its objective meaning as a whole in Geistwissenschaft The fifth section explains how Heidegger gives an existential account of Dilthey's Eriebnis when the basic structure of Dasein in his " Dasein hermeneutics " is characterized as the existential understanding of Dasein as such, whereas the opposition of subject and object is overcome by this existential significance of circularity. The sixth section discusses Gadamer's linguistic hermeneutics in order to establish the systematic form of contemporary hermeneutics, that is, the hermeneutical circular unfolds itself in historicity inasmuch as the truth presents itself in the processes of dialogue. Finally, ontological hermeneutics is thrown into light by Cheng Chung-yin's contrast between Eastern and Western hermeneutical philosophies, and by some modifications of Betti's principles of hermeneutics in order to bring forth the complete methodological scheme of hermeneutics.