Based on the theory of translation in intercultural communication, this paper compares and evaluates the translation strategies adopted by Pearl S. Buck and Sidney Shapiro concerning Chinese traditional festivals in their English versions of Shuihu Zhuan. Resting on textual analysis and revised translation, this paper concludes that translators can effectively present the cultural background of the source text by precise wording pertain to the context of culture, and flexible combination of literal, free, or addition translation, together with domestication, and annotation. The aim of this paper is to provide insights into the foreign translation of Chinese traditional festivals and intercultural communication, in order to promote Chinese culture to the world, and to strengthen the dialogue between the nation and the world on an equal footing.