Abstract: There are two different types of perspective on the study of economic crisis. One is the technological innovation determinism theory of western mainstream economic long-wave theory, the other is Marx’s capitalist economic cycle theory. The two different interpretation both reveal the impact of science and technology innovation on the world economic cycle fluctuations. In the post-crisis era, many countries views the scientific and technological innovation as the core strategy to resolve economic crisis. China should seize the opportunity to actively integrate into the industrial revolution, so as to gain the internal driving force for the sustained and healthy economic development.