The axiological research in contemporary Chinese Marxism has always oriented itself towards the practice of reform and opening up, profoundly expressing the practical logic of reform and opening up by way of the theoretical logic of axiology. First, contemporary Chinese axiology focuses on the concept of value and reveals its essence, it explores the relationship between truth and value, deepens the understanding of practice as a standard, and thus it provides a philosophical basis for solving the problem of right and wrong in the practice of China's reform and opening up. Second, contemporary Chinese axiology frames evaluation standards and examines their rationality, considers the 'three-favorables' criterion and also provides a theoretical basis for solving the problems of good and bad in the practice of China's reform and opening up. Third, it considers the change of values and the conflict of values, constructs core socialist values, and responds to the question of 'what is socialism and how to build it' from the perspective of value, thus providing the most fundamental conceptual and theoretical support for promoting both the reform and opening up and the construction of the practice of socialism with Chinese characteristics. Understanding the development of contemporary Chinese axiology on the basis of the practice of reform and opening up makes us not only grasp accurately the overall picture of contemporary Chinese axiology, but also understand better the academic pursuit and practical implications of contemporary Chinese Marxist research.