Several interest groups are involved in the process of dumping and anti-dumping. Apart from dumping enterprises and dumped enterprises, affected sides include consumers of import countries and relative non-dumping enterprises, etc. The main conflicts arising from the process of dumping and anti-dumping include that of between dumping enterprises and dumped enterprises, dumped enterprises and consumers of import country, dumping enterprises and non-dumping enterprises of export country or third country. Based on general economic principles, the gain and loss arising from the process of dumping and anti-dumping are theoretically analyzed in this paper, along witi the analysis on the conflicts of interests among involved interest groups.