The current studies about the transformation of government-organized foundation（GO-foundation）usually focus on discussing the organizations cutting off contact with the authorities and operating independently. Basing on new institutionalism and resource dependence theory，the study adds substantive rationality to explain GO-foundation transformation in China，and chooses 4 typical cases in Lushan earthquake relief in 2013. The study finds that，the GO-foundation goes two different directions during transformation：the one is resource-oriented marketization and the other is value-oriented socialization. Different from enterprises，the influencing factors of foundation transformation not only include the institution system and resources but also inherent philanthropic value.