In this chapter based on textual evidence, I argue that, Laozi’s key word “dao” 道is not a single, clear and distinct concept, but an assemble concept which is embedded with various imports in ontology and cosmology. In the text, the dao or ‘tian-dao 天道’ as an ultimate principle plays a dual role to regulate both the natural world and the human world. So, in some contexts, the term “dao” or “tian-dao” can be used to refer to a natural principle; but in some other, to refer to a normative principle. Moreover, it is also used to refer to an ontological or cosmological entity in different contexts. I demonstrate that there are gaps in the package concept which is difficult to bridge. In terms of methodology, this is an analytical and logical approach to analyze Laozi’s idea of dao and its related conceptual and semantical problems. I argue that the pragmatic cum anti-metaphysical reading of Laozi’s idea is not in accordance with the text; I also argue that the dialectical cum paradoxical reading is also inaccurate. I conclude that the idea of dao in the text is an assemble concept which includes different semantic imports. To treat it as a single concept or theoretical concept cannot be used to explain the thought in the text.