This research finds out that iQiyi attaches great importance to tapping the commercial value of documentaries，and has built a recyclable content ecosystem driven by this. iQiyi develops its profit-sharing system，enabling content producers to motivate content innovation；creating a brand connotation and reputation of iQiyi documentaries to attract partners and users through the layout of multiple contents，the launch of original works，innovative technologies and marketing；focusing on user interaction to increase user stickiness and optimize content production. The entire ecosystem tightly links platforms，users，and content producers to achieve a win-win situation，and realize the circulation of the commercial value of documentaries.