Modern portfolio theory has been the active research topic in financial engineering.In this paper,we explained the research situation of consumption-portfolio issue and introduced the main researchers and their study results as well as methods in different periods.Then we discuss the optimal consumption and portfolio problem with labor income in detail and give the model to be studied,namely the model including time varying investment opportunities and dynamic labor income.Finally,we give the expansion of the framework of the model under inflation and Knightian uncertainty.