Liszt was distinguished as the most important virtuoso in the Romantic period of music history, whose Weimar period between 1848 and 1861 was the time of Liszt¡¦s golden age of composition. The Mephisto Waltz No.1, finished in 1860, was based on the second episode The Dance in the Village Inn from Nikolaus Lenau¡¦s poem ¡§Faust.¡¨ Exercising the virtuosic elements and thematic transformation technique, Liszt combined both literature and musical ideas in the Mephisto Waltz No.1 successfully. This work remains one of the most popular works on today¡¦s piano recital repertoire ever since. This research consists of two parts. Part one discusses the characteristics of Liszt¡¦s compositions, with a focus on how Liszt¡¦s style was influenced by the nineteenth century virtuosity. Part two analyzes Mephisto Waltz No. 1 by exploring its historical background, formal structure, and the techniques of thematic transformation. The corresponding pianistic techniques are summarized from the various sources of scholarly suggestions as the conclusion of this analysis.