This paper has been aimed at reinterpretating \'wulun(五倫)\' the five moral disciplines and \'san’gang(三綱)\' the three cardinal guides of human relations as the fundamental ethics and morals of confucianism from a modern perspective. The origin of \'ru(儒)\', the word \'xiao(孝)\' and the word \'ren(仁)\' all came from the ancestral sacrifices, especially the original meaning of \'xiao\' being to serve ancestors. The basic conception of \'ren\' which had been formed through ancestral sacrifices can be defined as absolute love by means of benevolence or philantrophy as is taught in the phrase of \'Weilinggong(衛靈公)\' \'Lunyu(論語)\' - \'Achieve love through your sacrifice(殺身成仁)\'. Therefore the interpretation of all the virtues of Confucianism including \'wulun\' and \'san’gang\' should be premised on the practice of the virtues of \'ren\', the principle of which is based on absolute love. In particular the practical meaning of \'wulun\' consists not in the one-way relations but in the mutually working relations between the superiors and the inferiors. The practical meaning of \'san’gang\' can also be defined as the mutual relations between the majors and the minors. They are not related with vertical human relations which emphasize the ruling roles of superiors and the serving roles of inferiors. They rather mean that the seemingly ruling group of people should present themselves as role models and lead the seemingly inferior group by becoming more responsible and self-sacrificing. The new interpretation of \'wulun\' begins with the codes that parents and children should love each other with intimacy; society leaders and members should respect each other with righteousness; husbands and wives should respect each other understanding the distinctive features of men and women; the old and the young should respect each other considering their own age; friends should be faithful to each other with responsibility. \'San’gang\' can be interpreted that leaders of society should set a good example for their members, parents for their children and husbands for their wives. In conclusion, the practical meaning of properly interpreted \'wulun\' and \'san’gang\' corresponds to the democratic ideology of modern society, which puts the benefit and welfare of the people in the first place as the ownership of a country belongs to the people, and the will of the people leads the society. It is worth discussing whether the ethics presented by \'wulun\' and the examples set by \'san’gang\' are valued in our modern society and whether it is desirable to cherish the old virtues of \'wulun\' and \'san’gang\'.