In the context of the study on the Chinese Buddhist canon since the late Qing Dynasty, this thesis makes an intellectual historical study on the development of the study of Chinese Buddhist canon and the characteristics of different schools. It takes the Chinese Metaphysical Institute and the Wuchang Buddhist Academy as two examples, deeply compares and demonstrates their features and accomplishments in the study of Chinese Buddhist canon. This thesis contains three parts. The first part focuses on the Chinese Metaphysical Institute, critically analyses the study of Chinese Buddhist canon by Yang Wenhui, Ouyang Jingwu and Lv Cheng, illustrates their features and achievements, and compares the similarities and differences between the Chinese Metaphysical Institute and the Wuchang Buddhist Academy. The second part centers on Master Taixu and Master Yinshun, investigates the Wuchang Buddhist Academy's approach and characteristic in the study on the Chinese Buddhist canon. This part discusses Master Taixu and Master Yinshun's achievements and development in the study of Chinese Buddhist canon separately, to demonstrate the continuity and different tendencies between the the study on the Chinese Buddhist canon of two generations. The third part makes an intellectual historical comment on two different types of study on the Chinese Buddhist canon presented by the Chinese Metaphysical Institute and the Wuchang Buddhist Academy. It takes Ouyang Jingwu as an example, analyses and reveals the complicated contradiction and tension behind his study.