The law and economics of Chicago genre occupies a pivotal position in the development of the law and economics. Seen from the development of law and economics in recent years, the law and economics of Chicago genre has rethink the relationships between utilitarianism and the law and economics. It also has explained the theory starting point and legal basis of law and economics based on utilitarianism. Meanwhile the widely application of the empirical research method has laid the foundation methodology for the law and economics focusing on new content such as behavioral law and economics and social norms. With the research contents of law and economics becoming increasingly diversified, the study of behavioral law and economics and social norms become an important part of the law and economics research content. The development of law and economics of Chicago genre shows the features of frontier, systematicness and pertinence.