<h3>Purpose/Objective(s)</h3> To analyze the safety and efficacy of total neoadjuvant therapy (TNT) followed by TME surgery for patients with locally advanced rectal cancer. <h3>Materials/Methods</h3> This study was designed as a prospective, multicenter, randomized phase II clinical study, which included patients aged 18-75 years with stage II / III rectal adenocarcinoma (including at least one of high-risk factors: mesorectal fascia involvement, T4, N2, positive lateral lymph node or extramural vessel invasion). According to the ratio of 1:1:1, eligible patients were randomly assigned into three groups: Chemoradiotherapy (CRT) → Surgery (S) → Adjuvant chemotherapy (Standard group), CRT → Neoadjuvant chemotherapy (NACT) → S (Consolidation chemotherapy group); or NACT → CRT → S (Induction chemotherapy group). CRT included pelvic radiotherapy with 50 Gy in 25 fractions and simultaneous oral capecitabine. NACT was adopted with XELOX scheme. The primary end point of this study was to explore the proportions of downstage, which included yp0-II or complete clinical response (cCR), for rectal cancer on two TNT strategies. <h3>Results</h3> From August 15, 2020 to February 15, 2022, a total of 224 patients were enrolled in this study (Standard group: Consolidation chemotherapy group: Induction chemotherapy group=69:78:75). Among them, 110 patients who completed preoperative treatment were included in safety analysis, and the median distance from the tumor to the anus was 5cm (range: 0-15cm), of which 81 cases (73.6%) and 29 (26.4%) were T3 and T4, 25 cases (22.7%) and 85 (77.3%) were N1 and N2, respectively; In addition, 83 patients (75.5%) were found to be mesorectal fascia involvement (MRF+). The probability of ≥ G3 acute toxicity in Standard group, Consolidation chemotherapy group and Induction chemotherapy group were 8.2% (5 / 61), 13.3% (4 / 30) and 31.6% (6 / 19), respectively, with myelosuppression being of most common. There was no toxicity-related death in all patients. In terms of tolerance, the completion rates of neoadjuvant therapy (Including treatment delay and dose reduction) in Standard group, Consolidation chemotherapy group and Induction chemotherapy group were 100% (61 / 61), 90% (27/ 30) and 100% (19 / 19), with the full dose completion rates of 100% (61/61), 73.3% (22/30) and 63.2% (12/19), respectively. 68 patients who completed the surgery or chose Wait / Watch strategy were included in efficacy analysis. The proportion of patients in the Standard group, Consolidation chemotherapy group and Induction chemotherapy group who reached stage 0-II after neoadjuvant treatment were 77.1% (27 / 35), 84.2% (16 / 19) and 57.1% (8 / 14), respectively, with CR rates (pCR + sustained cCR) of 22.9% (8 / 35), 42.1% (8 / 19) and 28.6% (4 / 14), respectively. <h3>Conclusion</h3> The acute toxicities of two TNT groups were acceptable and well tolerated. And the tumor downstage rate of Consolidation chemotherapy group was encouraging. <i>ClinicalTrials.gov</i> No.: NCT04543695