The minimum wage system is an important institute to maintain distributive justice. To evaluate this system, we need not only to evaluate its implementation effect from the perspective of economics, but also to analyze its fairness from the perspective of political philosophy. In Marx’s theory of labor value, the minimum wage is the value created by workers in the necessary working time. In the study of contemporary political philosophy, Rawls’ theory of fair cooperation, Dworkin’s theory of fair insurance and Amartya Sen’s theory of equal capacity provide three philosophical arguments for the fairness of the minimum wage system. The analysis of political philosophy not only affirms the fairness of the minimum wage system, but also points out how the minimum wage should be set. According to Rawls’ theory of fair cooperation, “minimum wage” should be set according to a relative standard, considering the wage level of other social groups. According to Sen’s capacity theory and Dworkin’s fair insurance theory, the minimum wage should be set according to an “absolute standard”, according to the price of necessities in a certain society.