Post-colonial translation theory examines translation research from a brand new view. It begins to take into account the factors outside of the text that affect translation. Said’s view reveals the political character of post-colonial translation. Homi K. Bhabha‘s third space theory has attracted wide attention due to its great view and inclusive spirit. The film Crouching Tiger, Hidden Dragon is a representative success of Chinese films in the international film field. The success of the film comes from both the rich Chinese culture and the naturalized translation strategy. Through case analysis, this article finds that in the process of subtitle translation of the Crouching Tiger, Hidden Dragon, the meaning of some cultural loaded words cannot be completely and comprehensively transformed. This is related to the characteristics of subtitle translation and also to the cultural habits of the target groups of the film. The article proposes that such a translation strategy is conducive to Chinese films to find a place in the market, but we can also find a balance between retaining the culture and seizing the market.