The 21st century witnesses the fast precedential development of the Free Trade Area, and nowadays, the free trade agreements have covered the almost regions in the world. In this background, the EU and the U.S., as the two large economies in the world, have reached a consensus about starting the Transatlantic Trade and Investment Partnership (TTIP) negotiation. This paper will use the TTIP negotiation as the research subject and aim to make an analysis on the prospects of TTIP. First of all, this paper will introduce the TTIP and then, study on the political and economic motivation of the EU and U.S. to launch the TTIP negotiation, try to find the difficulties and important points in this negotiation. The paper also presents that what will impact on the EU and the U.S. if building the FTA. Additionally, this paper is trying to provide a deep insight into the trade relationship between EU and U.S. through studying literature review and two case studies. The International Political Economy and economic theories will be utilized to analyze the ultimate engine of establishing the EU-US free trade area and have a hypothesis on the TTIP negotiation. And the research methods in this paper are literature review and case study. If this paper can make a full analysis and discuss the prospects for being about to sign the FTA negotiation between the EU and the U.S., it will be an important realistic significance for the further global economic development. Key words: the Transatlantic Trade and Investment Partnership, Free Trade Area, the European Union, the U.S.