Recently there have been many viewpoints as to which private university was founded firstly in modern China. The schools, such as Fudan University (or the former Aurora Academy), Nankai University, China College, Wuchang Zhonghua University, Nanyang College and Zhengmeng Academy are all considered to be the first private university. From two keywords: "private" and "university" and based on many historical materials, this paper draws the conclusion that Nanyang College is the first private university founded by the Chinese people in modern China.