In this paper we revisit automatic metrics for paraphrase evaluation and obtain two findings that disobey conventional wisdom: (1) Reference-free metrics achieve better performance than their reference-based counterparts. (2) Most commonly used metrics do not align well with human annotation.Underlying reasons behind the above findings are explored through additional experiments and in-depth analyses.Based on the experiments and analyses, we propose ParaScore, a new evaluation metric for paraphrase generation. It possesses the merits of reference-based and reference-free metrics and explicitly models lexical divergence. Based on our analysis and improvements, our proposed reference-based outperforms than reference-free metrics.Experimental results demonstrate that ParaScore significantly outperforms existing metrics.