Everyone asks in October: “Who has ‘the grab for the brass ring, i.e., the NPL’?” (The Washington Post) The Nobel Prize in Literature has been, and still is, the symbol of the greatest achievement in literary writing that attracts the attention from, writers, readers, and scholars around the world. Unfortunately, in recent years at least, it seems to have lost its early luster, and even some of its allure, around the world due to nagging scandals and endless controversies. However, China is the only country in the world to have published multi-volume set of translated books, collecting masterpieces of every single Nobel Prize in Literature winner since its inception. It shows just how keenly China has been obsessed with this prize and how strong its desire has been to have its own winners. This lecture intends to show what this prize means to world literature, why it is constantly entangled in controversy, and how we --- readers and critics --- should assess its on-going history rationally.