Abstract: Among many schools of Western Marxism， there are two paths to interpret the commodity fetishism: the non-value-form path and the value-form path. Lukács's materialization theory is representative of the former path. It is characterized by being away from the specific textual context of Capital， interpreting it from external theoretical resources， and hoping that subjectivism breaks through the materialized structure， which greatly influences the research trend of Western Marxism; the latter path is represented by the dialectic of value form proposed by Backhaus of German “Neue Marx-Lektüre”， which attaches importance to the “double narrative” of value forms in different versions of Capital， and explains the formation mechanism of commodity fetishism from the characteristics of the equivalent form expressing value through use value， and resorts to the transformation of production method to break through this materialized structure. The latter path is also useful for how to eliminate the current trend of divergence between “MEGA Research” and “Frankfurt School Research”.

Key words: commodity fetishism, value-form, Lukács, Backhaus, version of Capital