Abstract:In the course of transformation and transition,China walks into a new era—“Innovation and Entrepreneurship” era.The notion of “Innovation and Entrepreneurship” serves as not only the new impetus for Chinese economic and social development,but also an inheritance,development and innovation of Marxist theory.The characteristics of advancing with times of Marxist theory enables it to include “Innovation and entrepreneurship”,and its emphasis on practice will deepen the understanding of “Innovation and entrepreneurship”.In this paper,we explain the guidance of China's Marxist theory for the practice of “ Innovation and entrepreneurship” in six aspects:the notion of “ Innovation and entrepreneurship” and its nature,the status and function of “mass” groups in the notion,its relationship between “supply-side reform”,and its role in promoting social equity,the guidance of cultural construction for “ Innovation and entrepreneurship”.In order to incorporate the notion into Marxist theoretical study,we still need to adhere to Marxism tradition:unification of history and reality of,concrete analysis of specific issues,unity between knowledge and practice to guide the practices of “Innovation and entrepreneurship”.Therefore,it is of great theoretical value and practical significance to incorporate the notion of “Innovation and entrepreneurship” into the contemporary Chinese Marxist theory.