Abstract: This paper analyzes the environmental features of strategic management in the era of new economy, proposes a point of view that continuous innovation is the basic source for enterprises to obtain sustainable competitive advantage, explores the main approaches for enterprises to foster their competitive advantage in new economy, and points out that integrated innovation will help enterprises to establish higher-level competitive advantage. Finally, the paper puts forward the basic countermeasures for Chinese enterprises to build the competitive advantage in accordance with their real competence.