This article reviews the controversy in China over the relationship of the productivity and the magnitude of value, and explores the key points of the disagreement in each period of the controversy. Early debates focused on the simultaneous relationship of the productivity and the magnitude of value between the economic agents in the same period. It changed onto the temporal relationship of the productivity and the magnitude of value between different periods of the same agent, with development of the approach of “the labor amount in labor time”. The essential disagreement in early debates was which one possesses the priority between the individual value and the social value. The approach of “the labor amount in labor time” brought about the difference on the measurement of the amount of labor. There are two major differences at the present time. One is the relationship between the proposition that the magnitude of value is direct proportion to the productivity and the proposition of inverse proportion. The other is how to perceive the economic growth from the point of view of labor theory of value.