This article analyses data from the 2015 Chinese General Social Survey (CGSS) to investigate the differentiated political values of the middle class in China. Combining the two factors of market situation and institutional division, the article first categorizes several basic types of middle class and then identifies two kinds of political values (liberal and conservative) from the indicators of support for freedom, government satisfaction, and political voting. The results show that the middle class, as a whole, tends to be more liberal than the working class. However, the internal divisions among the sub-groups in the middle class are more obvious – the political tendency of the middle class within the redistribution system is conservative but the middle class sub-groups outside the system, especially the new middle class, have the most liberal tendencies and constitute a potential source for change in China. Thus, the middle class is not necessarily a stabilizer or a subverter of the status quo and has a heterogeneous nature shaped by the dual forces of markets and institutions.