The present paper contains two parts, an introduction to the translation of Chapter One of the Madhyamakavatara-bhasya and the annotated translation proper. After a short explanation of the reason for this new vernacular translation of the Madhyamakavatara-bhasya, the introductory part provides a short, critical biography of Candrakirti, based on historical records, gives a general account of the contents of the Madhyamakavatara-bhasya, and introduces concisely the spread of this text in India and Tibet as well as the commentaries which have come down to us. The annotated translation of Chapter One of the Madhyamakavatara-bhasya according to its Tibetan version is executed in colloquial Chinese. It was found that using the idiom of present-day language not only bears meaning for this age but also facilitates the understanding of exegetical subtleties. The appendix lists the variant readings of two Tibetan editions.