Abstract: Based on abundant new materials of Peipiaosteus pani, rnany features are newly described, they include: rostral bones, circumorbital series, the ectopterygoid process of the maxilla, quadratojugals, branchial toothplates, axial skeleton, fulcra and epiaxial fin-rays on the caudal fin. A few other features such as the hyomandibula and branchiostegal are revised. The ontogenetic and taphonomic characters of Peipiaoszeus indicate that it probably assumed a habit of migration like its extant descendants. A review of the differences between P. pani and P. fengnengensis shows that all the differences except the dorsal and anal fin-ray numbers proposed by Bai (1983) are not true or remain uncertain. Through comparison, Stichopzerus is included in the revised family: Peipiaosteidae. Finally, a review of the phylogeny of Acipenseriformes results in a conclusion of Peipiaosteidae and Acipenseridae as sister groups.