This paper observes Hong Kong nostalgia cinema. After the Sino-British Joint Declaration was signed, a tendency of anxiety loomed among the society of Hong Kong. People started to feel nostalgic toward their past and concerned their uncertain future. From the late 80s to mid 90s, nostalgia films were produced as a trend, reflecting Hong Kong's identity crisis of its ambiguous entity and fear of reuniting with its Communist motherland. Based on Hong Kong's historical and cultural backgrounds, my thesis examines the nature of nostalgia through Stanley Kwan's Rouge (1988) and the impact of nostalgia by contrasting John Woo's A Better Tomorrow (1986) and Wong Kar-wai's Days of Being Wild (1990).