In the new era of accelerated globalization, rapid technological development, and increasingly fierce market competition, collaborative innovation has become a key path to enhancing national competitiveness, developing new quality productivity, and accelerating industrial upgrading. The connotation, driving mechanisms and main features of collaborative innovation were elaborated. Typical collaborative cases, such as the “Very Large Scale Integration Research Association” in Japan and the China National Innovation Fund were focused. The collaborative models of innovation elements such as talent, knowledge, funds and infrastructure were summarized. Considerations are proposed for promoting collaborative innovation, including improving the collaborative mechanism between government and market, strengthening the sharing and protection of intellectual property rights, and establishing a long-term investment mechanism.