This article reviews the development trend of the accommodation and food services industry. In 2020，under the impact of the COVID-19 pandemic，almost all dining events and wedding ceremonies were canceled. Consequently，a large number of hotels and restaurants were forced to shut down. Overall，the companies in the hospitality industry were struggling with financial distress and bleak business-the industry has suffered an unprecedented shock brought by the pandemic. With the changes in customers’ consumption scenarios，the industry quickly adapted to a digitalized retail business model. The article also summarizes the mergers and acquisitions transactions in the accommodation and food services industry in 2020. Typical mergers and acquisitions cases are analyzed in detail.