Since the commercialization of 5G, China has achieved global leading advantages in the number of standards,network scale, number of users, etc. Clarifying the ecological and economic value of 5G industry will providetheoretical support for the rapid development of 5G application industry. Firstly, the connotation and characteristics of5G industry ecosystem are elaborated from the aspects of terminals, networks, platforms, applications and security.Then, from a qualitative and quantitative perspective, the impact mechanism and transmission path of 5G on economicand social development are analysed in-depth. From a qualitative point of view, 5G network, as a fixed assetinvestment, will increase output several times through multiplier effect in the short term; when 5G enters the stage of large-scale applications from the introduction period, it will continue to play a role of spillover effect, optimize resource allocation, improve production efficiency, promote industrial transformation, and finally promote long-term economic growth. From a quantitative point of view, the production method in national economic accounting is used to measure the economic and social contribution of 5G in 2020. Through quantitative analysis, it is found that 5G provides new momentum for economic development by expanding effective investment, promoting consumption upgrading, creating employment and stimulating entrepreneurship.