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Asynchronous discussion forum can provide a platform for online learners to communicate with one another easily, without the constraint of place and time. This study explores the analysis process of online asynchronous discussion. We focus upon content analysis and social network analysis, which is the technique often used to measure online discussion in formal educational settings. In addition, Soller's model for content analysis was developed and employed to qualitatively analyze the online discussion. We also discuss the use of network indicators of social network analysis to assess level participation and communication structure throughout online discussion. Adjacency matrix, graph theory and network analysis techniques were applied to quantitatively define the networks interaction among students. The findings showed that these methods provide more meaningful students' interaction analysis in term of information of communication transcripts and communication structures in online asynchronous discussion.