清末重臣张荫桓的《戊戌日记》记录了戊戌变法期间宫廷奏对和议定内政外交要务以及上层人物交际等方面的情况，有重要的史料价值。以往众多史家在研究戊戌变法时，很少提及张荫桓，有人甚至斥之为投机戊戌变法运动的巨奸。张氏的《戊戌日记》对我们重新评价他在戊戌变法中的历史地位，将有重要的价值。 Zhang Yuhuan, a renegade minister at the end of the Qing dynasty, published the Diary of the Hundred Days of 1898, which recorded the court’s play against the 1898 Reform Party and the negotiation on the tasks of internal affairs and foreign affairs as well as the communication of the upper-class people. It has important historical value. In the past many historians in the study of the Reform Movement of 1898, rarely mentioned Zhang Yin Huan, some even denounced the speculation of the coup of the Reform Movement of 1898. Zhang’s “18 Xu diary” will have important value for us to re-evaluate his historical position in the reform movement of 1898.