Based on the comprehensive reading of the Analects, the paesent article tries to reconstruct the value system of Confucius. A brief desciption of the value system runs as follows. The system has a structure of three stages, each of which includes two levels of value respectively. We have then (1) the ego-centred stage with the values of living and development in the sense of worldly success; (2) the human interactive stage with the values of social order (maintained by laws and ritials) and human feelings (that is, human affections and moral virtues); and (3) the idealized stage with the values of non-selfishness (or non-selfhood) and the supreme good (or the sagehood).