Novel display is among the few industries in the electronic information field that is valued hundred-billion US dollars. It is also regarded as a significant direction for China’s strategic emerging industries in the age of information and intelligence. Key materials and process technologies are critical for the novel display industry development. In this article, the status quo, development trend, and problems of the key materials and their application to the novel display industry in China are systematically analyzed, and the corresponding development goals and directions of the key materials are proposed. To seize opportunities created by technological upgrading and industrial transformation of the international display industry, China should establish a novel display innovation platform and build an efficient technological innovation system at the national level and from the perspectives of national economic development and the whole industrial chain. To this end, it should promote display applications and focus on breakthroughs regarding key materials. It also should improve the innovation ecology for industrial collaboration by integrating the advantages of interested parties to make breakthroughs regarding the common technologies of key display materials and processes. Furthermore, the feasibility analysis of the novel display innovation platform is conducted from the aspects of technology, market, funds, and policy, hoping to provide a reference for the transition of China from a follower to a leader in the novel display industry.