Advancements of Permian-Triassic chronostratigraphy, magnetostratigraphy and sequence stratigraphy as well as Permo-Triassic boundary are indicated and commented. Newly established time scale and magnetostratigraphic column of Permian and Triassic are presented. Recent discoveries of P/T boundary which lead to enhancement of the status of Hindeodus parvus as the boundary index fossil as proposed by the Chinese Working Group(1993) are reported. The paper calls to attention the probably world-wide distribution of anoxic event right at the Permo-Triassic transition which could have caused the P/T mass extinction, and also the accumulating facts showing that the transgression following the great end-Permian regression commenced not in earliest Triassic, but in latest Permian already. The last part of this paper summarizes general tendencies of sequence stratigraphic subdivision of Permian and Triassic, proposes application of glacio-eustatic cycles in South China's Qixian Stage (Lower Permian) as well as Milankovich rhythms and cycles in Triassic strata of South China. After a discussion on the discordance of sequence stratigraphic and chronostratigraphic boundaries, this paper raises the theoretic problem of whether it is appropriate to shift the sequence boundary,especially that of the II type sequence,from base of the lowstand tract to the base of transgressive tract.