Abstract: This article aims to have comprehensive illumination of Marx and Engels’ institutional thoughts with the contemporary terminology and from a new institutional analytical perspective. Author carefully investigate the most of Marx and Engels’ literatures on political economy and have refined their many insights about the mechanisms of institutional origin and change, etc., and then have generalized these discussions into a theoretical framework including two logically related parts of “general analysis” on popular social institution and the “special analysis” on capitalist institution. Finally, author argued that Marx’s economics not only hold a key status in the history of institutional thoughts but also have great academic value for the contemporary institutional research.