Abstract: Based on the data of 21 prefecture-level cities in Guangdong Province from 2010 to 2020, the entropy weight method is used to calculate the level of industrial transformation and upgrading, the level of new urbanization and the level of common prosperity, and the PVAR model is used to empirically analyze the interaction among the three. The research results show that there are spatial differences in the level of industrial transformation and upgrading, new-type urbanization and common prosperity in Guangdong Province; industrial transformation and upgrading and new-type urbanization have a greater contribution to common prosperity, while common prosperity has less contribution to industrial transformation and upgrading and new-type urbanization.