Is there any legal principle? If there is, then, what is its status? Is it a valid law, a legal justification, or some ambiguous standard applied in legal reasoning? All these disputes are the main concerns of this article. The author attempts to clarify the status of legal principles by examining three question: "Is there any principle?", "Is there any legal principle?", and "Is legal principle a valid law?" First of all, the present essay closely examines Frederick Schauer's argument against the existence of principles. Not only does the author refute the plausibility of his theory, but also argues that any principle has the defining features of prescriptivity, universality, and justifiability. Secondly, the author rejects Larry Alexander and Ken Kress's theory that defends the non-existence of legal principles. Their argument, on the one hand, unduly derives the descriptive premise that legal principles do not exist from the normative premise that they are not morally attractive. On the other hand, it also fails to establish that the clear guidance of behavior is a distinct virtue of legal rules. The normative attractiveness of legal rules, as I shall argue, is essentially based upon the external features of positivity, canonicality, and formality. All of which make law a better mechanism of public choice. Finally, the author reviews two positive theories that treat legal principles as valid laws. They are the rule of recognition theory defended by soft legal positivism and the law-as integrity theory defended by Ronald Dworkin. Both are inconsistent with the universal feature of principles, however. For this reason, the author proposes the "negative theory of legal principles", which maintains the existence of legal principles but denies their status as valid legal norms. The theory argues that legal principles are legally applicable norms, whose primary purpose is to justify and reconcile three distinctive virtues of the Rule of Law: legal certainty, legal security, and the arguable character of law.