In recent years, dynamic binary translation has emerged as an important tool with many real world applications. Besides supporting legacy binary code and ISA virtualization, it enables innovative co-designed microarchitectures and allows transparent binary instrumentation. The dynamic nature of the translation usually incurs extra execution overhead and many research works had proposed software and hardware solutions to minimize the overhead [1, 2]. In this paper, we analyze our dynamic binary translator performance and depict the main sources of overhead in details. We classify the translation operations and associated overhead into five major categories, and quantify their contribution to the overall overhead. Based on the analysis and detailed evaluation, we identify and point out the most promising solutions to address the overhead problem. We believe this study is an important first step toward the grand goal of zero-overhead dynamic binary translation.