Recently, the XR industry has demonstrated a thriving development trend in all aspects and at multiple levels, achieving remarkable progress in the fields of hardware, software, and content. At the hardware level, pivotal breakthroughs have been made in micro−display technology, significantly enhancing the visual experience indicators of XR devices. Meanwhile, multi−modal intelligent interaction has greatly expanded the dimensions and precision of the interaction between users and the XR environment. In the software aspect, the competition in the open−sourcing of XR operating systems has intensified, accelerating the evolution of the industry ecosystem towards a more open and diversified direction. In the field of content, diversified cultural and tourism large−scale space projects have instilled substantial vitality into the XR content creation ecosystem. The research reveals that during the deep integration of core software, content creation, and industry applications, bottleneck issues such as inconsistent technical standards and poor compatibility exist. Based on these findings, this paper proposes that it is necessary to increase investment in research and development in key areas such as chip and display technologies, enrich the content creation ecosystem, deepen and expand industry application scenarios, strengthen the collaboration between the upstream and downstream of the industrial chain, and improve the relevant standard system. Finally, it is concluded that the XR industry is moving towards the coordinated development of the entire industrial chain and is expected to establish a high−quality industrial development pattern featuring advanced technologies, diverse products, excellent services, and extensive applications.