Improving the Modern State-owned Enterprise System with Chinese Characteristics is an important part of improving the socialist market economy with Chinese characteristics. Since the founding of the People’s Republic of China，the establishment of the state-owned enterprise system went through four states，from “Unity of Government and Enterprise”，to the “Delegation of Power and Profit” and the establishment of a modern enterprise system after the reform and opening up，and the improvement of the modern state-owned enterprise system with Chinese characteristics after the new era. The state-owned enterprise system has undergone a process of continuous exploration and pioneering，which is the process of state-owned enterprise reform and system innovation under the leadership of Communist Party of China with persisting in combining the basic principles of Marxism with the reality of China，and is the result of insisting on the integration of top-level design and bottom-level innovation. In order to improve the Modern State-owned Enterprise System with Chinese Characteristics in the future，it is necessary to further strengthen and optimize the Communist Party of China’s leadership over state-owned enterprises to promote the integration of party leadership into the management process of state-owned enterprises. And it is important to further implement the reform of state-owned assets and state-owned enterprises，especially to improve the state-owned capital management system based on managed capital through hierarchical and classified reforms. It is crucial to further innovate and improve the governance structure of state-owned enterprises and form a state-owned enterprise governance system with Chinese characteristics.