China’s pharmaceutical distribution industry has gone through multiple transitions alongside the implementation of policies such as centralized purchase of drugs and the application of a variety of new technologies including big data. This paper reviews the policies and social background of pharmaceutical distribution transformation，summarizes the main ways and performance of the transformation of the pharmaceutical distribution industry at present，including the transformation of business modes，the improvement of industry concentration，the integration of supply chain and the development of new formats such as “Internet+pharmaceutical distribution”，etc.，and indicates the failure of the price regulation in transformation to achieve the expected results and problems to be further addressed in the price formation mechanism of “4+7” volume-based procurement of drugs. In the end，the management countermeasures for the transformation of pharmaceutical distribution are advanced on the basis of predicting the direction of transformation.