The excellent results of 200 cases of chronic hepatitis B (CAH 167,CPH 16.CAH with liver cirrhosis tendency 11 and hepatitis-cirrhosis 6) treated with specific transfer factor extracted from HBVM positive placenta (PSTF) for 3 months in average.The clinical recovery rate was 83.0%,improvement 11.0%.unrecovery only 6.0%,and seroconversion of HBsAg and HBeAg was 9.9% and 32.9% respectively in the near-future.No sider-effect was found during treatment.The relapse rate was 13.9% during average 5.5 months follow-up after discharged,and the clinical recovery rate of the improved and unrecovered cases while they discharged from the hospital was 40.0% and 50.0% respectively during follow-up Therefore,the authors think that the PSTF perhaps an exellent agent similar to SSTF (specific transfer factor extracted from HBVM positive spleen) in treating chronic hepatitis B.But,owing to easiness to collect HBVM positive placenta in our country at present,PSTF perhaps could make a great offer for treating chronic hepatitis B,if it could be used correctly,and,therefore/it seems worthy for profound investigation.