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The Five Dynasties and Ten Kingdoms was a transitional period between the Tang and Song Dynasties. It was the continuation of the separatist rule of vassal towns at the end of the Tang Dynasty and the beginning of the basic unification of the Northern Song Dynasty. It has an unusual position in ancient Chinese history. The Ma Chu regime established in present-day Hunan is an important part of the political power of the Ten Kingdoms, and its history is an inseparable part of the history of the Ten Kingdoms. This book analyzes the commonalities and differences between the Machu regime and other regimes in terms of politics, economy, military and foreign policy, and discusses the historical process and internal reasons of its rise and fall. This study is of certain significance for deepening the understanding of the history of the Five Dynasties and Ten Kingdoms, studying the historical changes in the relationship between central and local power in ancient China, exploring the development and changes of ancient China's political system, and refining the study of the types of feudal towns and the understanding of the power inheritance system of feudal towns.