Abstract: Interpretation, cognition, and evaluation are all subjective mental activities of humans. They have obvious differences: cognition is directed at knowledge, interpretation is directed at meaning, and evaluation is directed at value. Each has its own range of applicability. In terms of human self-awareness and theoretical reflection, cognition belongs to the category of epistemology, interpretation belongs to the category of hermeneutics, and evaluation belongs to the category of axiology. All three are important research areas. Among the three, interpretation is relatively special. Since the goal of interpretation—meaning—cannot exist independently of knowledge and value, interpretation is therefore inextricably linked to cognition and evaluation. Interpretation begins with cognition and ends with evaluation. The examination of the relationship between interpretation, cognition, and evaluation is helpful for deepening our understanding of interpretation itself, and thus to more accurately determine its position and characteristics in the human mental structure.