The economic approach to religion has confined its application to Christendom in spite of the ambition of the core theorists for its universal applicability. Moreover, the supply-side market theory focuses on one type of religiosity—religious participation (membership and attendance) in formal religious organizations. In an attempt to analyze the religious situation in contemporary China, a country with religious traditions and regulations drastically different from Europe and the Americas, I propose a triple-market model: a red market (officially permitted religions), a black market (officially banned religions), and a gray market (religions with an ambiguous legal/illegal status). The gray market concept accentuates noninstitutionalized religiosity. The triple-market model is useful to understand the complex religious situation in China, and it may be extendable to other societies as well.