Since the Internet Plus initiative was proposed five years ago, innovations associated with the new-generation information technology have accelerated and digital transformation of the economy and society has exhibited many new features. These necessitate the construction of a new system and exploration of new paths for the transformation, and measures currently taken under the Internet Plus initiative need to be evolved and upgraded. This study follows the objective laws of technological industry transformation and is based on the theoretical paradigm of technology economics. It analyzes the new trend and research frontiers of digital transformation at the technology, application, and policy levels. The study reveals that the current technology system and technological capabilities of digital transformation have gradually improved, a new blueprint for the transformation has emerged, and the integration of information technology with the real economy has entered a new stage. However, the digital transformation framework system needs to be reconstructed, the key elements of transformation needs to be strengthened, and key breakthroughs need to be achieved. To this end, in the follow-up policy design of the Internet Plus initiative and during the formulation of the 14th Five-Year Plan, China should focus on exploring the potentials of digital elements, promote the construction of the digital transformation ecology, establish transformation and innovation networks, and upgrade the policy support system for the Internet Plus initiative, thereby promoting the digital transformation of economy and society to a higher level.