Abstract: Multiple streams model is an effective analytical tool in the field of public policy and a classical model to reveal the black box of the policy process. By using the framework, this paper shows the dynamic process of the innovation policy making in China. There findings are as follows: the problem stream, the realistic predicament the state, the industry, universities and research institutes faced leads to many solutions and forms the policy stemming from the government officials, university managers, technology demanders and researchers. When the two streams confluence, the political stream, that is the concern of the Party and the state and public pressure, goes with both. At the key point, the central government puts forward the establishment of the industry-university-research collaborative innovation mechanism clearly, which opens the policy window, and then implements the policy nationwide. This paper suggests that the government should improve the policy in terms of these streams and the policy window to further promote the national innovation system.