Since the advent of the Markowitz portfolio theory,the portfolio choice problem has been concerned and researched by many scholars.In this paper,we first explain the theoretical framework of modern portfolio,and introduce the main researchers and their studied results as well as methods in different periods.Then we discuss the optimal consumption-portfolio problem with behavioral portfolio in detail and a portfolio model with loss aversion is presented.Finally,we give the expansion of the framework of the consumption and investment portfolio model with loss aversion under the inflation,the jump-diffusion and the Knight uncertainty.