After its “barbaric” growth at the preliminary stage，China’s short video industry has developed into its second phase. While examining the development of the short video industry in 2018，this report analyzes the main players in the industry chain and focuses on the interpretation of vlogging，the new industry trend. It also analyzes the investment and financing situation of the industry，as well as the problems and challenges ahead. At the end of this report，we have a detailed look at the policies and regulations for the short video industry and discuss the future development of the industry.