Abstract: The property right theory of the new institutional economics with R.Coase as a leading figure continuously faces the challenges since the beginning.In China's academic group,due to the close connection with reform,the discussion reaches beyond the academic level with the political concerns.How to objectively and scientifically look at the property right theory in the new institutional economics under the materialist conception in history and how to discover this academic value with careful selection is very important to China's academic society.Aiming at the property right theory(leading by R.Coase) under the new institutional economics,this paper discusses the basic view,method and academic value from the materialist conception in history.