Yi Torch Festival is listed as one of the National Intangible Cultural Heritage and Chinese top ten folk-custom festivals, which contains farming culture memory and ethnic identification, it has conspicuous inherit conservation value, development and utilization value. Nevertheless, impacted by modernization, Liangshan Yi Torch Festival’s inheriting community and existence state of culture space is faced with challenges. This paper analyzes the current preservation situation and the dilemma of Liangshan Yi Torch Festival, proposes solutions and ways on its integrated preservation in new time.