TCM terms are characterized by conciseness and vague meaning so their translation has become a difficult point in TCM translation. Based on the elaboration of the connotation of equivalent translation， this paper discusses the three levels of equivalent translation of TCM terms：complete equivalence， maximal equivalence and no equivalence. When there is agreement of grammatical meaning， referential meaning and connotative meaning between the target text and the source text， complete equivalence is achievable. If there is accordance of referential meaning between the translated text and the original text， maximal equivalence is attainable. In case of no equivalent of TCM terms’ referential meaning in the target language， there will be no equivalence between the translated text and the original text.