This featured article aims to discuss the strategic characteristics of the integrated circuit(IC) industry and summarize the development law of IC investment, technology and market. By reviewing the pathway developed in the past decades of China's IC industry, the current status, industrial competence and various limitations are analyzed, the forward directions of fundamental research and production technology of IC industry are therefore pointed out. It is emphasized that innovation is the source of development. The advancing goal of China's IC industry in 2035 and corresponding suggestions are proposed in terms of policy decisions, investment opportunities, talent needs and training, etc.