With the evolution of international industrial division of labor，the global value chain based on intra-product division of labor and dominated by multinational companies is developing rapidly. As highly export-oriented economies，ASEAN countries’ participation in GVCS can be divided into four stages：initial stage of industrialization，flying geese stage，post-flying geese stage and value chain reconstruction. Under the reconstruction of global value chain，ASEAN countries are deeply involved in the division of labor of global value chain，and their value chain participation and status are declining in the fluctuation，and their value chain embedment is continuously differentiated. In response to the restructuring of global value chain，ASEAN countries have actively promoted industrial transformation and upgrading，adjusted foreign investment policies，focused on introducing value chain investment，encouraged the cultivation of local auxiliary industrial development，and improved and optimized the business environment，so as to meet the opportunities and challenges brought by the restructuring of global value chain.