This study reviews the new Perspectives of science and technology Policy based on "the innovation system ap-proach" . It examines the theories of innovation and the economic rationale of government intervention of the in-novation system approach and compares them with those of traditional nee-classical approach. It also examines the basic theme of science and technology Policy of "the innovation system approach" It argues that the enhancement of innovating capability, the transformation of innovation system coping with changing technological and econom-ic environments, and the policy learning of the government and innovators are very important and peculiar sub-jects of the science and technology Policy based on "the innovation system approach".ovation system approach".uot;.