As a digital technology platform with empowerment, Industrial Internet platform could empower the digital and intellectual transformation of SMEs and the transformation and upgrading of manufacturing industry, which is becoming an important engine for the cultivation of new quality productivity and high-quality development of digital economy. Based on the theoretical analysis and case interpretation, this paper clarifies the connotation, characteristics and elements of industrial Internet platform empowerment, deconstructs the types of Industrial Internet platform empowerment, and reveals the internal mechanism of Industrial Internet platform empowerment. The research findings are as follows: (1) Industrial Internet platform empowerment is an interpretation that multi-actor in platform apply digital and intelligent industrial technology to co-create value based on the interactive of digital and intelligent industrial opportunities and digital and intelligent industrial resources, it has significant characteristics of digital and intelligent technology integrative, generative and multi-actor, including digital and intelligent industrial technology, digital and intelligent industrial opportunities, digital and intelligent industrial resources and multi-actor elements; (2) Industrial Internet platform empowerment includes structural empowerment, field empowerment, psychological empowerment and resource empowerment. The empowerment process of different types of industrial Internet platforms follows the value logic of "value proposition - value creation and transmission - value capture"; (3) This paper builds an IPO research framework for the internal mechanism of Industrial Internet platform empowerment. The essence of Industrial Internet platform empowerment process lies in the interaction among value proposition, value creation and transmission, and value capture. Technological, organizational and environmental factors could affect the Industrial Internet platform empowerment process. The Industrial Internet platform empowerment process could produce both positive and negative effects. This paper could enrich and refine the research on industrial Internet platform empowerment from new themes, new perspectives and new mechanisms, provide management decision-making basis for activating the empowerment effect of industrial Internet platforms, and provide practical guidance for rapidly cultivating new quality productivity based on industrial Internet platforms to promote high-quality development of platforms.