Abstract: Based on dollar hegemony perspective, the paper analyzes the main reason behind the collapse of Bretton Woods System and sorts out the performance of dollar hegemony after the collapse of the Bretton Woods System. The result of the study shows that the international monetary system is not a neutral system, instead, it is a rule in the game among countries with the hegemonic countries as the rule-maker. Even with the declining hegemony of the US today, the US still does not allow other countries to reform the international monetary system. Thus in the discussion of the international monetary system reform, two factors must be taken into consideration: politics and power.