Abstract: By selecting high-tech industry as a representative of strategic emerging industries, this study empirically analyzes its current development status and the long-run equilibrium relationship and short-term fluctuations impact between China's strategic emerging industries and the development of venture capital with co-integration analysis and Granger causality test. The empirical results show that there is co-integration relationship between China's strategic emerging industries and venture capital for the long term. However, only venture capital has promoted the development of strategic emerging industries, the benefits of strategic emerging industries haven’t covered venture capital. For the short term, the risk of investment volatility would make strategic emerging industries dramatic fluctuations, but such fluctuations don’t play substantive role in promoting the long-term development of high-tech industry.