Contrary to subsidiaries' governance of domestic companies,foreign subsidiaries' governance of multinational companies,not only deals with the relationship between the internal shareholders and board of directors,but also copes with the relations of different stakeholders in the host countries different from the home environment and overcomes the liability of foreignness resulting from institutions,culture and other factors,which has become the important issue that scholars concern. At the same time,new phenomena and problems have emerged in foreign subsidiaries' governance of MNCs in emerging economies,and existing theories cannot explain the problems well. This paper incorporates latest network governance research achievements into the governance framework of foreign subsidiaries of MNCs,reviews current literature based on the analytical frameworks of internal,external and network governance of foreign subsidiaries of MNCs,and puts forward the new trend of theory construction in future foreign subsidiaries' governance of MNCs based on these new phenomena and problems,to provide reference for follow-up research and the practice of foreign subsidiaries' governance of Chinese multinational companies.