Abstract: This paper aims to conduct a focused textual analysis of the relatively overlooked Biographies of Fan, Li, Teng and Guan to explore the historical consciousness and existential transference in Sima Qian's portrayal of Liu Bang. Drawing upon the theoretical framework of metahistory, which explores the transference of historical consciousness and existence, the paper seeks to elucidate Sima Qian’s portrayal of Liu Bang. Sima Qian adheres to the spirit of factual recording, characterized by the principle of “not embellishing the good, not concealing the evil”. In depicting Liu Bang’s character, Sima Qian unveils both his ungrateful and ruthless aspects, revealing his betrayal of loyal friends and the execution of those who shared adversities. By juxtaposing these revelations with corresponding passages from The History of Han Dynasty, Comprehensive Mirror for Aid in Government and other relevant texts, the paper reexamines Liu Bang’s motivation for killing Fan Kuai. In the final analysis, the examination of the narrative of Li Ji’s betrayal of friendship, conveyed through narrative exposition and enriched by a storytelling technique, also reveals subtle undertones of satire directed towards Liu Bang.