Since the reform and opening up, the development of digital economy in Shenzhen has gone through three stages of transition from manufacturing to creation, from high-speed to quality development, and from quality to high-quality development since the 19th CPC National Congress. In the stage of transition from manufacturing to creation, Shenzhen relied on the preferential policies for the special economic zone, its geographical advantage of being adjacent to Hong Kong and Macao, and the sci-tech revolution to vigorously develop the electronics-based manufacturing industry, laying the manufacturing foundation for the development of the digital economy. In the meanwhile, Shenzhen adopted the innovation-driven strategy to advance the development of high-tech industries. In the 21st century, Shenzhen began to shift the focus of digital economy from “speed” to “quality” and made plans for strategic emerging industries in line with the changing international landscape. The digital economy has gradually affected the local social life in terms of residents’ income, people’s livelihood, urban culture, and social administration. After the 19th CPC National Congress, China launched the strategy of vigorously developing the digital economy. Shenzhen has since made great strides in digital economy. The output of digital economy has continued to increase, the new infrastructure has been put in place, the quality of product brands has continuously been improved, and the digital brands has been promoted steadily. In addition, the popularization of digital technologies has effectively helped achieve the “dual carbon” goals, build a smart city and a digital government, and develop a healthy and safe digital ecosystem. Going forward, Shenzhen could further develop the digital economy by conducting pilot programs for the cross-border data flow, the integration of digital technology with the real economy, and the standardized development of platform economy, as well as building a digital trade demonstration zone.