Richard R. Nelson is founder of modern evolutionary economics and a leading figure in innovation economics. Starting from a critical re-evaluation of neoclassical economics, Nelson pioneered the development of evolutionary theories of innovation, driving a significant paradigm shift in innovation studies. His research spans areas such as corporate innovation, industrial innovation, national innovation systems, and long-term economic growth. Notably, he profoundly elucidated the crucial role of the co-evolution of technology and institutions in long-term economic development from an evolutionary perspective, establishing a vital cornerstone for contemporary theories of innovation and development and policy-making research. To commemorate Nelson’s outstanding contributions to innovation studies, this paper systematically reviews his thoughts on innovation development and, based on this, discusses the significant insights they offer for research on innovation and development theory and policy-making in China.