As a digital technology platform with empowerment, industrial internet platform could empower the digital and intellectual transformation of SMEs, which is becoming an important engine for the cultivation of new quality productivity. Based on the theoretical analysis and case interpretation, the connotation, characteristics and elements of industrial Internet platform empowerment are clarified, its internal mechanism was revealed. The findings are as follows. Industrial internet platform empowerment is an interpretation that multi-actor apply digital and intelligent technology to co-create value based on the interactive of opportunities and resources. It has characteristics of digital and intelligent technology integrative, generative and multi-actor, including digital and intelligent industrial technology, digital and intelligent industrial opportunities, digital and intelligent industrial resources multi-actor elements. Industrial internet platform empowerment includes structural, field, psychological and resource empowerment, following the value logic of "value proposition, value creation and transmission, value capture". The IPO research framework for the internal mechanism of industrial internet platform empowerment was built, technological, organizational and environmental factors could affect the empowerment process of industrial internet platform and then produce positive and negative effects. It enriches and refines the research on industrial internet platform empowerment from new themes, new perspectives and new mechanisms, provide decision-making basis for activating the empowerment effect of industrial internet platforms, and provide practical guidance for cultivating new quality productivity based on industrial internet platforms to promote high-quality development of platforms.