Liszt, the pianist well-known for his outstanding performing style, has led a trend of 19th century virtuoso style and created a phonomonon for piano world in the Romantic period. A great deal of his piano transcriptions have helped to promote many composers¡¦ works and also the development of modern piano manufacture to the new level. Those transcriptions have become the standard concert repertoire of modern virtuoso pianists. A large proportion of Liszt¡¦s piano transcriptions is Schubert Lieder transcriptions which were increasing brilliant style within the beauty and simplicity of Schubert¡¦s melody. The Müllerlieder is the last one of Schubert lieder transcriptions that Liszt composed in 1846. Through his superb compositional technique, this transcription conveys musical content of Schubert lieder successfully. Chapter one in this paper will introduce Liszt¡¦s compositional life of piano transcriptions, including the society background and different types of transcriptions. The connection between Liszt and Schubert lieder is also discussed in it. Chapter two includes the development of piano and the virtuoso style in the times of Liszt. The last chapter focuses on the research of Die Schöne Müller, comparing Schubert¡¦s original song edition and the transcription of Liszt and concentrates on analyzing Liszt¡¦s compositional technique in this piano transcription.