Abstract： Objective： To observe the clinical effect of modified Huangqi Chifeng tang combined with finasteride for androgenetic alopecia. Methods： A total of 120 cases of patients with androgenetic alopecia were selected as the study subjects， and divided into the control group and the observation group according to the random number table method ， 60 cases in each group. Both groups were given ginger water to wash their hair；the control group was additionally treated with finasteride tablets，and the observation group was additionally treated with modified Huangqi Chifeng tang based on the treatment of the control group. Both groups were treated for three courses， one month being a course. Before and after treatment，the scores of hair growth，hair loss，Dermatology Life Quality Index(DLQI) and Hamilton Depression Scale(HAMD) in the two groups were compared； the levels of free testosterone(FT)， dihydrotestosterone(DHT)， testosterone(T) and estradiol(E2) in serum before and after treatment in the two groups were detected；the clinical effect in the two groups was compared. Results：The total effective rate was 90.00% in the observation group，higher than that of 68.33% in the control group(P＜0.05). After treatment，the levels of FT，DHT and T in serum in the two groups were decreased when compared with those before treatment(P＜0.05)，the levels of E2 in serum in the observation group was increased(P＜0.05)；the levels of FT，DHT and T in serum in the observation group were lower than those in the control group(P＜0.05)，the level of E2 in serum was higher(P＜0.05). After treatment，the scores of hair growth and hair loss in the two groups were decreased when compared with those before treatment(P＜0.05)，and the above scores in the observation group were lower than those in the control group(P＜0.05). After treatment， the DLQI scores in the two groups were increased when compared with those before treatment(P＜0.05)，and the HAMD scores were decreased(P＜0.05)；the DLQI score in the observation group was higher than that in the control group(P＜0.05)， and the HAMD score was lower(P＜0.05). Conclusion： Modified Huangqi Chifeng tang combined with finasteride for androgenetic alopecia can prevent and treat alopecia，promote the growth of new hair，improve serum androgen levels，bad emotions，and quality of life.