From the perspectives of “center” and “edge”,”Huaxia” and “Manyi”,“institutional” and “dispersion”, Panhu belief has typical“folk”characteristics. Its changes provide a typical observation case for the modern changes of Chinese traditional folk beliefs. Since the reform and opening up，Panhu belief has gradually revived after a long period of silence. However, the revival of Panhu belief, like most folk beliefs, has a trend of further “dispersion”in order to adapt to modern social life. That is, its“religiousness”is gradually weakening, while its“folk characteristic”is gradually increasing.