The Sinicization of Buddhism has been proposed and discussed for a long time, and the discussion of which continues today, but due to the lack of its equitable academic principles, there are still many questions to be clarified.If the exploration is continued according to the old semantics and approaches, although there are many new historical materials that can be disclosed, it is difficult to make new breakthroughs in the concept due to the methodological bottleneck.This indicates that the localization of Buddhism in China faces the challenge of learning theorem and paradigm transformation.Based on a large number of Tibetan historical material on Tibetan Buddhism Prajna Madhyamaka which have not yet translated into Chinese, and following the historical context development of Tibetan Buddhism Prajna Madhyamaka accompanied by the space-time distancing of localized Buddhism in Han China as a reference, the article proposes for the first time in the academic history, a perspective driven by both western hermeneutics and Chinese traditional interpreted discourses as the two two engines towards the ontological facts of self-interpretation and significance enhancement of Buddhism in ethnic Tibet and ethnic Han China.It propose that the localization of Buddhism in China experiences the methodological interpretation of original text meaning and original writer’s meaning of Indian Buddhism; ontological interpretation of ethnic Han readers and ethnic Tibetan readers as well as texts-oriented interpretations. Thus, the dual ontological structure system between Indian Buddhism and Chinese Buddhism is formed up. The two are both the same one but generally different, thus completing the localization process of Chinese Buddhism in three families of languages. The coming-out of the six characteristic propositions and the interpretation of the various sects on Tibetan Buddhism Prajna Madhyamaka is one of the typical examples. The conclusion of this paper is that we should not only affirm and pay attention to the common hermeneutic interpretation of Indian Buddhist texts themselves, but also affirm and strengthen the recognition of Chinese Buddhist interpreters in the creative construction of Indian Buddhist texts based on their own living world.On the basis of this dual interpretations, this paper proposes the concept of “co-specific ontology hermeneutics”, In Chinese people’s interpreted words, we have fulfilled the historical process of introducing, continuing and promoting Buddhism into the three families of languages in China, and are yet to realize the goal of interpreting Buddhism through “our own view”. This is what we try to attain as our academic goal.