The Fifth Plenary Session of the Nineteenth Central Committee of the Communist Party of China proposed that “by 2035, the long-range objectives of socialist modernization will be basically realized, and more obvious and substantial progress will be achieved in the common prosperity of all the people.” This work focuses on the theoretical and practical issues of common prosperity. Based on the theory of Marxist political economy, it comprehensively expounds the profound connotation, realization goals and approaches of common prosperity, as well as its design of index system and evaluation methods. Looking forward to the development of China in the next 15 years, this paper makes medium and long-term forecasts for the economic and social goals related to the development of common prosperity from the “14th Five-Year Plan” to 2035, and provides a discussion of the opportunities and challenges, overall goals and development goals, policy recommendations and world significance for China to achieve common prosperity in the new era. It further proposes a step-by-step strategic path, major tasks, and key measures to achieve common prosperity in order to solve the problems of narrowing the three major gaps between regions, between urban and rural areas, and between rich and poor people, achieve the goal of equalization of basic public services, and provide Chinese experience for human beings to break the gap between rich and poor people.