The pharmaceutical industry is an important part of the national economy. It is a comprehensive industry that combines traditional and modern industries and integrates primary, secondary and tertiary industries. It is also an industry with high input, high output, high risk, knowledge intensive, strong professionalism and high degree of internationalization. It is closely related to life science. It does not have a mature period and is less affected by the economic crisis. It is an industry that will grow and develop forever, known as the "eternal sunrise industry". For an enterprise, there are many ways to improve its operation and performance, such as changing its external environment, internal capacity, resource conditions, production links, etc. But for an enterprise, the change of the external environment is difficult to achieve, which needs to pay a lot of cost; and under certain conditions, the level of resources and capabilities is not easy to improve. As a "value creation method", business model does not require the change of internal and external conditions of enterprises and is relatively easy to improve and innovate. Under the specific external environment and resource conditions, business performance can be improved through model activities. This paper defines the definition of business model, and uses questionnaire and in-depth interview to investigate the antecedents of business model. After sorting out and analyzing, six dimensions of the antecedent variables of business model are identified, namely customer demand, technological change, competition intensity, enterprise resources, organizational structure and entrepreneurship. Based on the analysis of related concepts and components, a measurement scale of business model antecedent was developed. Through empirical analysis, the reliability and validity of the scale were verified. Secondly, through literature research, this paper analyzes the concept of business model and business performance, and divides business model into three dimensions: customer value, internal value and cooperation value. Business performance is divided into two dimensions: financial performance and market performance. On this basis, it puts forward the hypothesis relationship between business model and its antecedents and business performance, constructs the theoretical model of the relationship between business model and business performance, and verifies the model and hypothesis through empirical analysis. The results show that different dimensions of business model antecedent variables have different effects on business model and business performance. Among them, enterprise resources, technological change and entrepreneurship have significant effects on business model, customer demand, competition intensity and organizational structure have significant effects on some dimensions of business model, and three dimensions of business model have significant effects on business performance. As a supplement, the research also adds the relationship between the three dimensions of business model, that is, internal value and cooperative value have a significant impact on customer value. Through discussion, it is found that: due to the characteristics of Chinese pharmaceutical enterprises, the business model of sample enterprises has the characteristics of external similarity, internal diversification, key relativity, similarity difference and internal connection from the perspective of manifestation; while due to the characteristics of business model and business performance, there are three matching relationships between high-performance enterprises and business model, namely, high performance and enterprise business The matching of model comprehensiveness, the matching of high performance and business model applicability, and the matching of high performance and business model sustainability. In addition, through the analysis of the international pharmaceutical industry environment and the domestic pharmaceutical industry environment, this paper makes a strategic explanation of the matching relationship between the performance of Chinese pharmaceutical enterprises and the business model from three aspects: that is, the business model can affect the business performance by influencing the competitive advantage, the core competence of the enterprise, and cultivating the later development advantage of the enterprise. Finally, combined with the research results of the paper, from the perspective of enterprise and industrial policy, the paper puts forward its own suggestions for the development strategy of Chinese pharmaceutical enterprises.