The increasing level of China’s aging population brings more demand for pension products and service，and the consumption level of the aged population begins to change from survival type to development type and enjoyment type. It gives opportunities to the transformation and upgrade in the pension industry. In recent years，China’s pension industry developed rapidly，and the main body of participating enterprise diversified，the docking of the pension industry and PPP became an important form of the regional pension industry development，and the trade of pension service stood out，and the pension industry policy shifted from basic to precision and specialization. However，the irrational allocation of resources leads to uneven supply and demand of China’s pension industry；SMEs faced transformation and withdrawal；PPP project has greater risks；financial support is weak；the professionals in the pension industry is lacking. Under the background of consumption upgrading，in order to promote the development of China’s pension industry，we should integrate resources to promote the transformation and upgrading of the pension industry，and form a systematic pension industry chain；Forming specialized，fine and large-scale market supply；according to the characteristics of new normal consumption，we should provide diversified，personalized high-quality pension products and services；the policy should be more systematic and operability；we should improve the quality of employees in the pension industry；and we should promote the development of the trade in pension services，and protect the domestic pension industry in a proper way.