Based on evolutional logic, composition and innovation-driven factors of business model, this paper describes the basic principle of corporate business model is how to create value, deliver value and obtain value. Based on existing literatures and case studies, the article finds out that business model made up of “who are we doing for”, “what we offer”, “how to offer” and “how to profit” four key elements, and new technology, competitive pressure, consumer demand and entrepreneurship mainly drive business model innovation. Based on constructing the theoretical model of the evolution of business model innovation, we analysis in detail business model evolution process of Chinese PC online game industry. Finally, it gives the possible direction of business model innovation of PC online games industry in the near future.