The over lapping generation model (OLG Model) is an important theory in many contemporaries of economics.To study the OLG theory based on human capital perspective,some defects and deficiencies were found in the model,which will induce an adverse influence when the model is used to solve the practical problems.So it’s necessary to develop some corrections on the model.The division of two generation stages on “deadline bound” of individuals was modified to be of three phases,and a basic determinant variable of the human capital investment was introduced,which runs through the whole OLG model.Through evaluating the balance consequence of the model,the optimal saving rate,consumption increase rate and average social human capital investment rate,as well as their determinant variables were obtained.Finally,a briefly discussion about the prospect of the model applications was presented.