This paper reviews the history of empirical research of generic competitive strategies from a unique perspective. The researcher pays attention to the introduction and application of Palepu assumptions for strategy identification and strategic mathematical analysis for the first time. Then, the paper indicates the key problems of this area. Besides, this paper overviews the breakthrough in the analytical modeling for generic strategies and the advances of relative empirical research, and finds the opportunity faced by the unconventional theoretical constructive research. Furthermore, the paper forecasts that the game modeling of generic strategies, the analytical verification of Palepu assumptions and its related empirical studies may become a research front. Lastly, this paper proposes the new interdisciplinary research framework for this area which involves strategic management, financial management and game theory.