The property theory of Chinese medicine is a distinctive feature and essence of traditional Chinese medicine (TCM) theory, among which the five-flavor property theory serves as its core component. The five-flavor property theory originated from imagery thinking and was developed through deductive reasoning. It has a long history of formation, with complex and diverse content, and its systems and concepts vary greatly, lacking systematic sorting and analysis. For a long time, there has been a lack of modern research. Therefore, establishing an overall research approach and technical methods for modern research on the five-flavor property is of great significance for promoting modern research on TCM. With the support of the key project of the National Natural Science Foundation of China, this paper has established a systematic modern research approach and method for the five-flavor property of TCM. Based on specific research work, modern research approach and characterization methods were proposed from aspects such as the original semantics, functional attributes, relationship with meridians, separation of properties and effects, and compatibility rules. Finally, based on the basic understanding of the historical, dynamic and universal connections of the theory of five-flavor property, a research approach combining systems theory and reductionism and a research model of the "property-efficacy-component" ternary theory were proposed.