This paper studies the status of the literary theory in light of the dominance of cultural studies over the critical scene and the reality of research studies of human sciences, at a time when human thought moves from modernism to postmodernism, from systematism to indeterminacy and meaningless, and from the concept of a thoughtful self to a socially-produced one. The paper also investigates the factors behind this problem and its influences. It briefly discusses the future of the literary theory in light of the expansion of cultural studies.