Abstract: Drawing on Svetlana Boym’s theory of reflective nostalgia, this paper centers on the evolution of media memory surrounding the traditional Chinese mythological IP of Nezha. Through a systematic examination of the trajectory by which the Nezha image has been adapted—from traditional textual sources through revolutionary-era narratives to reinterpretations in the digital age—the study probes the evolutionary path of this media memory and the underlying logic of its critical inheritance. It finds that the transformation of the Nezha image results from the dynamic interplay among technological innovation, socio-cultural context, and the psychological needs of audiences, and that the key to its critical reconstruction lies in a reflective-nostalgic mechanism—comprising narrative reconstruction, visual re-creation, and communicative resonance—which, even as it dissolves the solemnity traditionally attached to myth, opens a dialogic space between tradition and modernity, divinity and humanity. This strategy of transposition not only generates emotional resonance and cognitive renewal among audiences but also yields several dimensions of value appreciation: the substitution of grand narrative with individual growth narratives, the dissolution of intergenerational discounting through a youth-oriented idiom, and the deconstruction of solemn paradigms through comedic expression. These findings offer valuable insight for the contemporary adaptation, dissemination, and innovation of mythological IPs and traditional cultural resources more broadly.