Abstract: The IS-LM model was the dominant model of neoclassical macroeconomic models from World War II until the early 1980s, but its status has been seriously challenged since the 1980s. Although the IS-LM model is no longer the core content of the frontier research of macroeconomics, it is still an important content of elementary and even intermediate macroeconomics textbooks, and has a wide range of applications in the field of practical macroeconomic management. This paper elaborates the historical fate of the IS-LM model in detail, including its rise, decline and the reverie it brings to us in the history of economic thought. Through the changes in the thought history of this model, it reflects the century changes of macroeconomics research.