Energy and capitalization are two core elements in economical growth. Energy is the basic power of economic operation，and the capitalization is penetrated into economic life in all areas. Therefore，Energy enterprises actively carry out of the integration of resources through the capital operation to realize the fusion of industry capital and financial capital. With the industrial consolidation，the energy capitalization accelerates to promote and upgrade the development of China’s energy industry. This paper analyzes the environment and pattern of the energy capitalization，and the capitalization process of four industries-coal，electric power，oil and new energy.