This paper intends to give a new interpretation of Nietzsche’s late philosophy,which differs from both Heidegger’s and postmodern philosophers’ interpretations. According to Heidegger,Nietzsche’s late philosophy is a kind of metaphysics of subjectivity. However,postmodern philosophers regard Nietzsche’s late philosophy as a complete rejection of subjectivity. This paper holds that Nietzsche’s late philosophy is a new philosophy of subjectivity,that is,a philosophy of "subjectivity without subject. " In Nietzsche’s new philosophy of subjectivity,subjectivity no longer relies on a rational and conscious ego or subject,but rather represents a pre-conscious life instinct or the will to power. Accordingly,"subjectivity without subject"means the activity and spontaneity of the will to power,that is,the spontaneous release and expansion of the will to power. On the contrary,the subject of traditional metaphysics not only derives from the original subjectivity,but also denies and suppresses the latter.