Chinese listed publishing companies are gradually moving towards intensification，specialization and scale expansion. This paper is mainly to define the publishing industry strategic investment，and at the same time using listed publishing companies’ annual report，prospectus，etc.，to study the listed publishing companies with publishing and distribution as the main business since 2008. We can understand the development status of these companies through the profitability，debt paying ability and growth ability analysis and outline the strategic investment features of listed publishing companies，including the vertical extension of industrial chain and horizontal diversification development，etc. Based on the analysis of strategic investment bottlenecks and their reasons，strategic investment suggestions are proposed for listed publishing companies as follows：optimizing the industrial development environment，deepening the reform of property rights to grasp the nature of digital publishing，exploring diverse profit modes，upgrading the “five-cross breakthroughs”，making capital run in high speed，promoting diversification strategy on solid basis of core business，and meanwhile improving the strategic investment evaluation mechanism to ensure the realization of strategic targets.