The evolution of corporate governance is also the separation process of ownership and control as well as management rights. Through the historical investigation of bi-power separation in different periods of the development of Anglo-American companies, this paper finds the interdependent relationships between bi-power separation and the evolution of corporate governance. Bi-power separation includes separation of ownership and management, separation of ownership and control, separation of control and management, and dual-class shares. Different forms of bi-power separation lead to different problems of corporate governance, and then result in corresponding means of governance, which promotes the evolution of corporate governance. By reviewing the historical progress of the reform and development of Chinese enterprises, we also provide the evidence of the co-evolutionary relationship between bi-power separation and corporate governance. On the basis of findings, some directional suggestions are put forward finally to improve future corporate governance.