Listeners and readers often find puns interesting and creative so that puns are widely used in daily life. However, puns are underemphasized by Chinese teachers and the designers of Chinese textbooks in terms of teaching aims because of their varie language forms and the relatively high requirements for both cultural and contextual knowledge of the target language. In the past studies of Chinese puns, in addition to the study of rhetoric, most of the studies analyzed the motivation and understanding of puns from the perspective of pragmatics. This thesis aims to analyze homophonic puns at two levels from Chinese second language learners’ points of view. As for the first level, this study employs the relationships between language forms and meaning of Langacker(1987)and Taylor(2002)as the framework and deconstruct the collected advertising pun corpus into three elements: form, sound and meaning. What is more, in addition to non-verbal information discussions such as trademarks and illustrations, the homophonic puns aredivided into five types based on their differences and similarities of semantic construction. The five types are “no text replacement with non-verbal information”, “no text replacement and prior knowledge”, “text replacement and meaning integration into sentences”, “text replacement and meaning independence from sentences” and “textre placement and self-organization sentences”.