Based on adequate statistics，qualitative and quantitative analysis，this chapter reviews the process of the development of China’s third industry since the foundation of People’s Republic of China，especially reform and opening-up，and analyzes China’s third industry’s characteristics from the perspective of output proportion，developing speed，inner structure，productivity of labor，regional distribution，etc. Then it probes into the experience in the rapid development of China’s third industry in terms of the development of the theory of service economy，the increase of input channel，the support of governmental policy，the reform of market access mechanism and the progress of reform and opening-up，etc.，and illustrate the relevant lessons such as the officials’ backward outlook，the imperfect regulations and system，the needs to strengthen the enterprises’ “go-global” process. To accelerate the all-round development of China’s third industry，it is necessary to emancipate the mind，improve the understanding of service product，service industry service fortune，the strategic status of third industry，and of ways and means of promoting service industry.