The development of enterprise philanthropy results in a“Impact investment”,whose essence is through economic investmentto do philanthropy .With an increasingly blurred boundary between commerce and philanthropy,the traditional philanthropicethics is faced with new challenges,and the reflection on the relationship between utility and philanthropy is necessary.Philanthropy means not only taking an active part in charity activities but also achieving a great result by doing so.Philanthropicmotives should be classified into different arrangements.In charity activities,more emphasis shuold be put on their efficiency.Ifutility of charity activities are excessively pursued,philanthropy will inevitably lose its meaning.Philanthropy must be guided andstandardized by both the law and morality.