As one of the most successful institutional investors in the world, the investment strategy and operating model of the Yale Endowment has been concerned and even followed by numerous institutional and individual investors. We will describe the development of Yale Endowment and its contributions to the development of Yale University, explain the trend of asset allocation in absolute return, domestic equity, fixed income, foreign equity, private equity, real assets and cash, and then reveal the possible reasons for the long-term stable growth of the Yale Endowment.