Abstract:As China's innovation capital, Shenzhen's innovation achievements have attracted worldwide attention. The analysis of its success factors has important practical and theoretical significance for the development of innovation in Shenzhen and other regions. The current research on Shenzhen as an innovation city focuses on Shenzhen as the main body, with institutional, technical and management innovation as the main driving forces. Although the current research has paid attention to some elements of Hong Kong in the construction of the Shenzhen Innovation City, there is insufficient evaluation of this factor and insufficient attention, and there is no systematic analysis of Hong Kong ’s important role in the development of Shenzhen ’s innovation.This article reviews the role of Hong Kong in supporting Shenzhen's innovation activities in terms of financial environment, scientific research, industrial chain upgrading, import and export trade, and cooperation platforms.Discussing the Hong Kong factors in the construction of Shenzhen's innovative city is of great significance to the future development of the Guangdong-Hong Kong-Macao Greater Bay Area.