The reform program to replace the business tax with a value-added tax is the most important tax reform in China in recent years. This article reviews the whole reform process，assesses the implementation of the reform and the positive results achieved through qualitative analysis，statistical data and quantitative analysis of a questionnaire. The assessment is focusing on the reform effect，tax cut effect and expectation effect of the reform to replace the business tax with a value-added tax. This paper argues that the reform basically achieved the expected goal and is a successful tax reform. However，due to the complexity of the VAT system，there is still room for further reform and improvement of China’s VAT institutions，policies and administration after the reform. In this regard，this article also made some appropriate suggestions.