This report divides the development history of Guangdong’s utilization of foreign capital into four stages，and analyses its policy environment，characteristics and deficiencies since the reform and opening up，as well as the impact of industrial structure changes on the utilization of foreign capital. Based on the above analysis，we predict the development trend of foreign capital in Guangdong during the normalization period of epidemic prevention and control，and draw several conclusions as follows. First，Guangdong will further expand and improve the scale and quality of FDI utilization. Second，Africa and Europe will become important FDI sources for Guangdong. Third，Guangdong should expand to utilize FDI in the service sector，and promote the optimization，transformation and upgrading of Guangdong’s industrial structure. Fourth，we should break through the single pattern of “sole proprietorship” and encourage the formation of multiple ways to attract FDI. Fifth，we should make rational spatial distribution to narrow the gap of FDI utilization in different economic zones in Guangdong province，and enhance the leading role of the Guangdong-Hong Kong-Macao Greater Bay Area.