As digital transformation and intelligent upgrading accelerates, the Internet of Things (IoT) has become a significant component of the new digital infrastructure. Accelerating the development of a new IoT system is an important task proposed in the Outline of the 14th Five-Year Plan (2021–2025) for National Economic and Social Development and Vision 2035 of the People’s Republic of China and also a crucial foundation for developing China’s digital economy. Based on the urgent demand for IoT development in the new era, the Chinese Academy of Engineering launched a consulting project “Research on the Development Strategy for the New Internet Plus Action Plan under the New Era and New Situation”. The project reviews the IoT development status in China, focuses on the integrated application of the new IoT to the fields of intelligent manufacturing, modern agriculture, intelligent healthcare, intelligent transportation, and intelligent environmental protection. It proposes a new type of IoT—an intelligent Internet of Things system (i.e., IoT 2.0), comprehensively analyzes its implications, system architecture, technical pedigree, application scenarios, and practice cases, and puts forward development suggestions for related technologies, industry, and application.