Commercial space is an important force in strengthening China's space sector and an important development direction of strategic emerging industries. During the 15th Five-Year Plan, China's commercial space industry will enter a period of rapid development focused on high quality as the theme, featuring both major opportunities and critical challenges. Based on the analysis of the evolution, driving forces, and new progress of the international commercial aerospace competition landscape, this study assesses the strategic demands of China's commercial space development, such as enhancing the capacity for large-scale space access, supporting the construction of the new-generation space infrastructure, and promoting China's competitiveness in the development of global space economy. It also explores the corresponding industry development characteristics. Moreover, the study clarifies the current development status of China's commercial space industry, including accelerated large-scale development, steady improvement in innovation capabilities, gradual construction of industrial chains, and initial formation of global service capabilities. Additionally, it highlights the challenges faced, including the slow progress in core technology research and development, poor coordination mechanisms, the need to optimize the industrial development ecosystem, and increased difficulties in expanding into the international market. Furthermore, a technology–ecosystem–market integrated development strategy is proposed to precisely promote the high-quality development of China's commercial space industry. Specifically, it is recommended to strengthen the foundation to accelerate breakthroughs in core technologies, improve the ecosystem to enhance the overall space capabilities, leverage the market to promote large-scale integrated applications, and inherit space systems engineering while empowering space development with digital intelligence.