Through a one-hundred-year journey of translation and dissemination, Xiyouji has finally become a successful model of the canonization of Chinese literature in English-speaking world. This paper investigates the canonization of four translations of Xiyouji from four aspects: economic, scholarly, pedagogical, and social. The research finds that Timothy Richard’s translation is typical case before canonization. While the translation performs well in the Western market for over a century, it fails to become canon because of the translation quality. Canonization of Arthur Waley’s translation is economy-driven type. Economic benefit helps achieving other aspects of canonization. Canonization of Anthony Yu’s translation is scholarship-driven type. The scholarly character helps achieving other aspects of canonization. Canonization of Julia Lovell’s translation is direct type. The translation is recognized as a classic as soon as it is published. The investigation of canonization of translation of Xiyouji can provide experience for translation of Chinese classics.