Since the postmaterialism theory was firstly proposed in the early 1970s, this line of research has acquired tremendous impacts in the past five decades in the fields of political culture and public opinion. Meanwhile, the postmaterialism theory has been facing challenges in its assumptions, theoretical framework, and empirical applications. It is criticized for its eurocentrism and American centrism, linear view of history, and lack of dynamic and multi-level research scope. In response to the critiques, Inglehart and associates have been enhancing their theory to provide more accurate explanations for values changes in recent years. This paper reviews the postmaterialism theory and relevant debates, specifically the latest developments since the 21st century. This paper proposes critiques and suggestions for improving the theory and relevant research. Based on empirical analysis of the World Values Survey data (1981- 2020), this paper finds that postmaterialist values are showing an ebbed trend. Based on that, this paper assesses the theoretical problems in the postmaterialism theory and examines the new empirical trends of values transitions.