With the rise of short video news, the phenomenon of “new yellow news” has become more and more prominent, which is regarded as the return of “yellow news”. This paper discusses the “new yellow news”, adopting the combination of vertical historical combing and horizontal theoretical analysis to summarize the similarities and differences between “yellow news” and “new yellow news” in terms of form, content and value demands, It summarizes the similarities and differences between “yellow journalism” and “new yellow journalism” in terms of form, content and value appeal, and analyzes the underlying logic and influence of “new yellow journalism”. The “New Yellow Journalism” is an opportunity for the development of digital news, through which journalism can clarify the relationship between tradition and innovation, human and technology, and news and society, update the concept of journalism, and provide guidance for the realization of better development of journalism.