Abstract: EMH theory and its test give different answers to the proposition of market efficiency with behavioral finance's literature, which provides people with different thinking logic to recognize the market and stock price behavior. Due to the random existence of rational investors and irrational investors, efficient market theory is criticized by behavioral finance theory for its unreality and unverifiable hypothesis that irrational investors will not dominate stock prices and that rational investors will offset the influence of irrational investors on stock prices through arbitrage. At the same time, reviewing the critique of behavioral finance on EMH theory and the flexibility and improvement of EMH theory, and on the basis of the integration of the two theoretical views, the future research direction for the efficient market can be given, and the further exploration of market "anomalies" and the adoption of "adaptive market hypothesis" will be an effective path.

Key words: Efficient Market Hypothesis; Behavioral Finance; Empirical Test; Asset Pricing Model