Folk beliefs flourished during the Song Dynasty, and even the highest educational institution, the taixue (National University), had a deity that was worshipped. According to the History of the Song Dynasty, the god worshipped in the Southern Song taixue was Yue Fei. However, after examining the relevant records, this paper finds that the folk beliefs of the Taixue actually underwent a change from the worship of the land god (tudi shen) to the later use of Yue Fei as the god of the temple. The reasons for this change are related to the rising awareness of the student body at the taixue and the national policy of praising loyalty (jing zhong 旌忠). The article also discusses the implications of this belief, pointing out that although the belief in Yue Fei as the temple deity was becoming more and more accepted, and although “praising loyalty” had become the mainstream value of the belief, the original “efficacious” quality of the god did not disappear, but rather combined with it, vividly demonstrating the dynamic nature of the development process of the belief.