The science and technology planning system is the basic form of government organization of scientific research and technology development activities. It is an action plan that affects the future development of science and technology and the related environment. It is also the government’s rational allocation of scientific and technological resources, regulation of market and scientific re-search, and promotion of scientific and technological progress. An effective means of economic and social development is one of the important tools in science and technology policy. This paper studies the science and technology policy of Guangdong Province, namely the “five major science and technolo-gy plans” from the perspective of industrial innovation chain. Firstly, it in-troduces the theory of industrial innovation chain; then studies the public goods, externalities and uncertainties in the industrial innovation chain of market failures; finally analyzing the role of the “Five Science and Technology Programs” in market failures in the industrial innovation chain.