The material industry provides a material basis for national economic development, social progress, and national defense security. Materials are particularly important for China as it now enters the middle and late stage of industrialization. Conducting strategic research on new materials will help strengthen China’s manufacturing sector. In this article, we systematically analyze the development status, trend, and problems regarding the new material industry in China and abroad and summarize the domestic and foreign policies for the industry. After analyzing the future strategic demands for the new materials, we propose the overall idea, characteristics, and goals of the new material power strategy. The key direction of the strategy need to focus on fields such as advanced basic materials, key strategic materials, and frontier materials. An evaluation–characterization–standards platform should be established for new materials. Furthermore, we propose some policy suggestions to facilitate the development of China’s new material industry and provide a reference for the decision making by relevant government departments. Specifically, an independent innovation system for new materials should be constructed; platforms for digital R & D, production application demonstration, and resource sharing should also be established; the quality and technology infrastructure should be improved; and talent teams dedicated for the development of the new material industry should be created.