With the rise of corporate takeover, the capital market is convinced more hostile acquisitions in China. Hostile acquisition is an important market for corporate control that can monitor managers; however, managerial entrenchment hypothesis argues that managers adopt different takeover defenses to protect their jobs. This paper reviews existing research and finds that agency theory, stewardship theory as well as mechanism of control arrangements based on asset specificity theory can explain reasons why takeover defenses are used. Then this paper regards manager power and institutions as important situational variables that can affect the anti-takeover devices adopted. This paper also introduces the anti-takeover devices that are most frequently used and the consequences of adoption, including the effects on market reaction, takeover results, manager behavior and financial performance of target companies. Overall, the findings are inconclusive. This paper calls for more papers to strengthen the study of theoretical motives, applicable conditions and economic consequences of anti-takeover devices.