In recent years，short video has become a hot industry concerned by all walks of life.Short video related practice and research have also seen blowout growth.This paper combs the development status of short video industry in 2018 by literature，interviews and desktop research.It holds that short video development has entered the“second half”and summarizes the“second half”of short video on the basis of combing the relevant concepts of the“second half”of short video.The basic characteristics are as followed：from the perspective of content production，distribution and industry development，there are diversified creative subjects，from UGC and PGC to MCN；content distribution platform，echelon formation；content production quality，high-quality content emerges constantly；capital investment rationalization，most of which are in the early stage；strict supervision normalization，basic formation of industry ecology and so on.It is believed that the second half of short video has a large scale of users and huge vertical market potential；technological innovation plays an important role in the development of the second half of short video；short video will continue to play an important role in the field of news and information；micro-variety and micro-drama will become a new track in the second half of short video；the influence of mainstream media and mainstream public opinion will continue to expand and other development opportunities.At the same time，the development of the second half of short video still faces many challenges，such as high quality content production，copyright protection，supervision，profit model and so on.