The stock market efficiency has always been the core of the financial theory and empirical research. This article systematically reviews the the evolution and new progress of market efficiency theory and its measurement method, and analyses the relationship between the four types of sub-efficiency, information-arbitrage efficiency, fundamental valuation efficiency, insurance efficiency and functional efficiency. Finally,the article points out the development direction of the market efficiency research: returning to the price behavior research paradigm, strengthening the research on dynamic relative market efficiency,functional efficiency and valuation efficiency.