William Petty proposed the labor theory of value, but it was ruthlessly criticized by Smith in that the relationship among price, exchange value and value and the value was not clarified and the difference between value and use value was confusing and the duality of labor was neglected. David Ricardo re-interpreted the labor value theory from his own perspective. He criticized the unsolved theoretical problems in Smith’s labor theory of value: Firstly, Smith’s four value theories is not reasonable; Secondly, Smith did not understand the historical nature of capitalism and neglected the role of constant capital; Thirdly, Smith’s applicability of labor theory of value has not been solved reasonably; Fourthly, Smith failed to consider the use value and exchange value and the intrinsic link between natural price and market price. Therefore, from the perspective of the criticism by the scholars to previous studies, the author managed to explore the theoretical connection within each other, which will provide insight into the study of the nature of the labor theory of value.