Since Confucius praised Dong Hu (董狐) of Jin as a “Liang Shi (True Historian)”, the Grand Historian Sima Qian (司馬遷, 135-86 B.C.), Ban Gu (班固, 32-92), Chen Shou (陳壽, 233-297) have been also referred to have the quality of Liang Shi. Later, more and more people discussed about the characteristic features and nature of this designation. This issue had been raised again during the mid-Qing by the famous historical philosopher Zhang Xuecheng (章學誠, 1738-1801) and later by Liang Qichao (梁啟超, 1873-1929) in the early 20th Century. What were the criteria worthy of the title “True Historian”? And who according to what principles made these criteria? Throughout the last two thousand years, had the criteria of Liang Shi changed over time? And if it did, then what were the causes behind these changes? This article tries to discuss the meaning of the Liang Shi in different periods respectively, indicating that there had been change and continuity regarding the criteria of being a True Historian. What remains constant is basically the fearlessness and honesty. The changing part, however, reflected the different cultural climates and historical consciousness of the people of the time.