This article uses the “wise old man” archetype theory in Jung’s analytical psychology as a tool to conduct a psychological analysis of the character “Hong Riqing” in the film “King of Beggars”. The analysis reveals that the character Hong Riqing is the archetypal image of the wise old man in the collective unconscious mind of the protagonist Su Can. He appears when the individual encounters a mental predicament and is unable to heal themselves, providing guidance and facilitating the transformation and healing in the process of their mental individuation. The archetypal image of the wise old man, Hong Riqing in the film, has the image characteristics of the integration of Confucianism, Buddhism, and Taoism in the context of traditional Chinese culture, and its transformation and healing functions are manifested in various stages and scenes such as “testing”, “initial”, “cognition”, “dreaming”, and “transformation” in psychotherapy.