Public management’s value orientation not only relates to the consciousness level, such as ideals, beliefs, and administrative attitudes of public managers, but also has a direct impact on their behavior patterns, policy options and institutional construction. The history of a hundred years’ public management is also the research history of the public management basic value mindset, especially the study of equity and efficiency has been the main point of public management research, but there is a disagreement between the researchers about the relationship of above two ones. From the view of essential characteristics of public management—“Public”, it is totally different from the administration what Thomas Woodrow Wilson puts forward. Therefore, the public management theory has to re-trace to origins, the efficiency value worshiped by the public management also has a necessity to re-examine. In addition, public management’s chasing for efficiency comes from the external item of economics and management. But no matter “The maximization of social welfare” or “Pareto Optimality”, both of them have their intrinsic defects. So its transferability is questioned.