The satellite navigation industry is an emerging industry of strategic significance, and formulating long-term, macroscopic, and systematic industrial policies is crucial for the high-quality development of the satellite navigation industry and the formation of a new industrial pattern. The innovation ecosystem theory focuses on the dynamic transition between (1) system composition and elements of the system and (2) system and environment; it can assist the transformation of current policies for China's satellite navigation industry. Considering relevant requirements of the 14th Five-Year Plan, this study reviews policy documents regarding China's satellite navigation industry and analyzes the direct, radial, and systemic coupling relationships between industrial policies and other innovation subjects and subsystems using the innovation ecosystem theory model and focusing on the elements of industrial policies. This study indicates that the current policies require improvement in terms of policy systems and subsystems and are not conducive to the systematic and coupled development of the industry. Therefore, we propose the following suggestions: (1) accelerating the top-level design of legislation and systems; (2) clarifying the role of government; and (3) improving the promotion and application of policies.