Based on the innovation process, and with the consideration of natures and the challenge of innovation policy evaluation, this paper builds up a systematic evaluation framework for innovation policy. This framework helps to analyze the main body of innovation activities, identify different policy tools, and provide six-step process to evaluate the policy content, policy implementation and policy impact. Besides, this paper evaluates the High-Tech Firms’ Tax Incentive under the framework to show up the practicability and applicability of the Innovation Policy Evaluation Framework.