The new generation of science, technology and innovation policy is now becoming a focal point for both policymakers and the academia. Based on the redefinition of concepts such as "innovation", "development", "innovation-driven development" and "policy paradigm", the concept of innovation-driven development policy is proposed as the new generation of science, technology and innovation policy. This paper analyzed the paradigm shift process from science and technology policy to innovation policy and then to innovation-driven development policy, along with its main characteristics, therefore providing a theoretical framework for the formulation of innovation-driven development policy. The main conclusions are as follows: (1) Innovation is a process of diversified value creation and value-added circulation, encompassing the creation of scientific value, technological value, economic value, social value, and cultural value. (2) Innovation-driven development refers to innovation-driven economic, social, environmental and culture development, as well as the development of science and technology. Its essence lies in  achieving diversified value creation and value-added circulation under the high coupling of goals and actions of innovation and development.  It emphasizes the primary driving force of innovation for development, and the strong coupling relationship between innovation and development as well as the sustainability of development. (3) Innovation-driven development policy is the new generation of science, technology and innovation policy, which refers to the conduct code and action plan adopted by governments and political parties to achieve innovation-driven economic, social, environmental and culture development, as well as science and technology development. 
(4) Policy paradigm refers to the policy value concepts, policy standards and norms, and policy conceptual system that are commonly recognized by stakeholders in the policy-making process. （5）The science, technology and innovation policy paradigm has undergone a historical evolution from the science and technology policy paradigm to the innovation policy paradigm, and then to the innovation-driven development policy paradigm. The core of this evolution lies in the expansion of understanding of the connotations and extensions of innovation and development, as well as the systematic coupling relationship between innovation and development. This study will provide theoretical and methodological guidance for the formulation of innovation-driven development policy, and lay an important theoretical foundation for the development of innovation-driven development policy science.