For the better understanding of product platform innovation and management, this paper proposes product platform life cycle (PPLC) process and its corresponding management strategies. Firstly, this paper describes the concept and connotation of product platform and discusses the platform life cycle development process, including planning, development, application and recession. Then the evolution process and the characteristic of product platform are analyzed. On this basis, this paper points out characteristics of the four stages of PPLC. Based on the characteristics of various stage and disturbance factors, the key management points in various stages of PPLC are proposed.