As a specific inference and cognition instrument, analogical reasoning has been much studied within the field of logic, psychology, linguistics and cognitive science. The study of the nature of analogical reasoning is the departure point of the relevant study, which also establishes the fact that logic is central to the study of analogical reasoning. Analogical reasoning obviously presents the following three features: 1. Mapping in structure. Attribute mapping, relation mapping and system mapping are the three concrete aspects of mapping in structure. Attribute mapping means that there is one-to-one or many-to-one horizontal mapping relation between the source domain and the target domain in attributes. Relation mapping refers to the vertical mapping of the relation appearing between the source domain and the target domain in their elements. System mapping is a high-order relation between the source domain and the target domain, which is the integration of attribute mapping and relation mapping bearing a more complicated analogical meaning. Attribute mapping and relation mapping are the precondition to system mapping, whereas system mapping will determine the success of analogical reasoning. 2. Similarity in meaning. In analogical reasoning, the meaning of the concepts in the source domain and the target domain must share similarity. According to the strength of the meaning similarity, analogical reasoning can be divided into analogy in the same domain and analogy in the different domain. Analogy in the same domain means that the object in the source domain and the target domain belongs to the same type or the similar type, which shows a higher similarity. Analogy in the different domain indicates that the object in the source domain and the target domain varies greatly, belonging to totally different types. However, they are still in analogical relation in the cognitive context, presenting a more complicated similarity. The similarity between the source domain and the target domain is the semantic foundation to analogical reasoning. The traditional logical description of analogical reasoning does not indicate the underlying similarity. With the assistance of the Toulmin argumentation schema and concrete case studies, this paper analyzes the underlying similarity in analogical reasoning and shows the individual characters of the logical description of analogical reasoning, which are different from deduction and induction. 3. Pragmatics in cognition. Analogical reasoning is a probability inference depending on context change instead of an inevitability inference, which is also a common plausible reasoning. In the specific context, speaker constructs and conveys an analogical reasoning with the driving force of intention. With the help of cognition and the specific context, the hearer can comprehend and accept the analogical reasoning, which is conveyed by the speaker. The process is a complicated language action, which involves intention driving, fitness evaluation, dynamic generation and the matter of the acceptance. They are all the embodiments of pragmatics. Generally, the same analogue will dynamically activate different meanings. And different intentions can be expressed by different analogues. In addition, in different utterance contexts and subjective cognition, the acceptance of analogical reasoning varies heavily. In conclusion, an effective analogical reasoning must possess the three features, which are mentioned previously. And the three features can clearly distinguish analogy and deduction, induction and abductive reasoning. Taking logic as the core starting point of the study and integrating the study achievements in psychology, cognitive science and pragmatics, this paper displays an interdisciplinary research paradigm. The in-depth study on the nature of analogical reasoning not only consolidates the theoretical foundation to the study of analogy, but also unveils the problems in the study of analogical reasoning. Furthermore, it also shows the new direction in the study of analogical reasoning, which also provides a theoretical support to the relevant study of analogical reasoning.