In recent years，online celebrity economy is the most forefront and influential industry in online new economy in China. Its rapid development shows the great vitality and market potential of China’s economy. The developed Internet and digital economy level of Shanghai provides a solid foundation and a good environment for web celebrity economy. As the core of industrial chain of online celebrity economy，Shanghai’s MCN organizations play a very positive role. In this chapter，we will analyze the development of web celebrity economy and MCN institutions in Shanghai，and take Xiaohongshu as a case study. Finally，we will make a prospect for future development of online celebrity economy and MCN institutions in Shanghai from perspectives of market supervision and management.