As sanctions continue to focus on the capital and technology-intensive semiconductor industry, Sino-US trade frictions have gradually escalated into Sino-US technological competition, and the focus of the game between the two countries has also shifted from competing for economic interests to competing for the power to reshape the international order. Using structural power theory to explore the basic logic of competition in the semiconductor industry not only helps to understand the competitive demands of various countries, but also provides important references for the assessment of industrial development trends, determination of industrial development directions, and selection of industrial development paths. At the same time, under the multiple influences of Sino-US competition, the COVID-19 pandemic, the Russia-Ukraine conflict and other events, the world’s major economies have successively implemented national security strategies, and geopolitical factors have become a key variable affecting national economic cooperation relations and shaping the international order. Against this background, it is of practical significance to analyze the external environment in which China’s semiconductor industry is developing from the perspective of international political economy. In order to seek an effective path for the high-quality development of China's semiconductor industry, this paper also sorts out the current development status of China’s semiconductor industry and analyzes the challenges and problems faced by industrial development. Based on the above research, this paper draws the following conclusions: The structural power of the semiconductor industry is directly related to the industry's manufacturing capabilities, industrial technology level and industrial capital structure; China’s semiconductor industry has a certain degree of influence in the world, and its advantages are mainly concentrated in the packaging and testing and terminal application links in the middle and lower reaches of the industrial chain. It lacks competitiveness in IP cores, EDA software, semiconductor materials and processing equipment; In the process of development, China faces external challenges such as US sanctions, international competition, and geopolitical risks, and needs to solve internal problems such as talent shortage, capital abuse, and imperfect industry supervision system. Therefore, China should continue to increase its efforts to attract and cultivate semiconductor talents, use capital to promote technological progress, strengthen the collaborative cooperation between the government and enterprises, and enhance its ability to resist geopolitical risks through the “opening” and “development” of the market, so as to achieve the goal of high-quality development of the semiconductor industry.