Abstract: Most discussions on social trust dilemma are from the perspective of traditional moral weakening or trust lack within a social system. They hold true to some extent but the problem is that being confined to such perspectives and ignoring trust dilemma in the background of social transformation will make it difficult to have a correct understanding of trust dilemma. At present， doubt or mistrust， trust utilitarianism or stigmatization， or trust repair predicament are related to the uncertain environment of market communication， the induction of “capital logic” and the disjunction of moral trust model and institutional trust model in the context of deep transformation. Therefore， to crack the dilemma of social trust， the in-depth transformation should be implemented， the cost of breaking trust should be raised， the market operating mechanism should be improved， and the moral as well as institutional foundations of trust should be strengthened so as to construct the trust model with Chinese characteristics.

Key words: social transformation, trust dilemma, trust construction