Abstract: This paper made a research on constitution dimensions of small tourism-towns brand equity and its approaches on an empirical study based on tourist perspectives by 300 questionnaires of Dayan ancient town in Lijiang prefecture. And the result show that, brand equity of small tourism-towns consist of five dimensions such as brand awareness, brand images, perceived value, perceived quality and brand loyalty. The brand assets of a tourist town are formed by 4 paths:(1)Brand awareness directly forms brand loyalty;(2)Brand awareness forms brand loyalty through the intermediary of brand images and perceived value; (3)Brand awareness forms brand loyalty through the intermediary of brand images and perceived quality;(4)Brand awareness forms brand loyalty through the intermediary of brand images, perceived quality and perceived value.