The economic and political transitions of emerging countries have always been the focus of transition studies. As an example, the transition model of Central and Eastern Europe continuously attracts lots of attentions of theoretical and empirical researches. Based on the background of the occurrence and evolution of the financial crisis, our research is designed to detect the overall economic performance and the performance of financial markets of Central and Eastern European countries, and then to re-evaluate the transition model of Central and Eastern European countries, which has been recognized as “excellence of transition” by the international academia.