Since the mid-19^th century, there have been three waves of populism. While the first wave of populism at the turn of the 20^th century and the second wave during the 1950s did not have significant impact upon world politics, the third wave in the 21^st century has swept the advanced countries in Europe and America and brought a group of political strongmen with populist tendencies to the political stage. The third wave represents the voices of the rebellious masses and has already become a huge political force. The third wave of populism results from a series of factors, including the failure of existing governance system, polarization and hierarchicalization associated with globalization as well as information revolution-breeding mass mobilization. These developments will have significant and profound impact upon political relations and political institutions in the world.