The exo-skeletal model (or XS model) is a representative theory of neo-constructionist approaches, which offers unique insights into lexical derivation and argument structure, among other aspects. Given that there has been no comprehensive introduction to this theory at home, this article will attempt to provide a relatively in-depth introduction and analysis. On this basis, the article reflects on the XS model, and summarizes its advantages and disadvantages. Finally, this article discusses the possible insights that the XS model may bring to the research on Chinese argument structure, word classes, and idiomatic expressions, in the hope of providing a reference for the XS model’s further application in Chinese.