With the adoption of the “Legally Binding Instrument to Regulate, in International Human Rights Law, the Activities of Transnational Corporations and Other Business Enterprises” and its revised draft, the codification of the human rights responsibilities of transnational corporations has entered a new era. The instrument aims to supplement the shortcomings of transnational corporations in fulfilling their human rights responsibilities by strengthening the obligations of states and to improve the host country's inadequate remedies for human rights violations by establishing extraterritorial human rights jurisdiction of home countries. But the instrument has encountered various challenges because the human rights obligations and legal responsibilities of states go beyond the current domestic human rights systems and impact the existing theories and practices of international human rights law. In order to resolve the differences among countries, the future codification of the instrument should be based on existing domestic and international legal systems and practices. striking a balance between the interests of developing and developed countries, taking into account the objectives of both the fair treatment of transnational corporations and human rights protection, to promote the regulatory effect of the human rights responsibilities of transnational corporations.