Abstract: In the modern economic system, the function and effect of finance is playing a more and more important role, simultaneously, the importance of financial steady and safety to the development of society and economy is strengthening. However, the frangibility of the financial market indicates that financial crisis is unavoidable. The word "Crisis"in Chinese means a combination of danger and opportunity, which has been verified by the development of financial industry. The Lender of Last Resort is the most important buffer for handling the financial crisis, and its classical rules, the Bagehot Rules, are facing many new challenges. After a brief introduction of the LOLR and Bagehot Rules, the paper discusses the Bagehot Rules by analyzing the disputes. At last, suggestions are given:(1)the government should implement the mixed policies;(2)the rules of LOLR should be adjusted to the situation.