The theory of “the new criticism” has been labeled and simplified by domestic academic circles. It is generally believed that it has fallen into the mire of pure formalism because it has cut off the connection between text and society, text and author, text and reader. In this paper, the understanding of “the New criticism”, in addition to the general type of macro research, but also to its numerous classic texts to do in-depth micro analysis. Through a systematic investigation of Brooks and Warren’s Understanding Fiction, we find that: as a classic text of “the new criticism”, Understanding Fiction does not “fall into the mire of pure formalism”. While emphasizing the internal factors of literature, it also pays special attention to the close connection between novels and real life, the investigation of the writer’s personal experience and creation intention, and the study of the relationship between novels and readers. Understanding Fiction is a kind of criticism from form to content, which is a unique formalism criticism.