In the 40 years of reform and opening-up，started from the “three-plus-one” trading mode，Shenzhen has embarking on a successful industrialization road of processing-manufacturing-creating by promoting its high-tech industries upgrading continuously，which created a miracle in the worldwide history of urban and industrial development. Supporting the industrialization road，Shenzhen built a regional innovation system with features of using enterprises as innovation main body，market-orientated，and deep integration of industry-university-research，which fulfilled the capability upgrading from introducing of innovation，imitative innovation，integrated innovation to original innovation. Taking openness as the distinctive feature of Shenzhen’s innovation system，the paper divided its development process into four stages and described the openness features from perspectives of resource，subject，platform，and environment. At present，Shenzhen still faces some innovation shortcomings，such as weak ability of its basic research，urgent need to its industrial base upgrading and industrial chains’ modernization，etc. In order to overcome these shortcomings，some suggestions are presented，such as enhancing original innovation ability through system reform，creating a new industry leading advantage by chains integration of innovation and industry，and become a key hub city in the world by system open，etc.