The Reception Aesthetics puts its emphasis on reader's participation in the process of reading and reception. On the base of induction, readers shouldn't be content with the image the author conveys. This image should be transformed into new image by readers themselves after reading books in tragic aesthetics. After mindfulness of King Lear, readers actively form the "waterfall" image of character fate's change, and a series of emotional reaction constitutes "waterfall" effect,which is happened to readers combined with tragedy itself. The waterfall of character fate's change manifests some features, such as massive drop, perpendicularity and smashes. These features give rise to shock, horror and sublime in readers' psychology, and make readers to ponder deeply over the whole incident. Besides, this magnificent picture of "waterfall" gives readers strong aesthetic feeling.