Since the advent of the new era, comprehensively deepening economic system reform and constructing a high-level socialist market economic system have become crucial issues for driving high-quality economic development in China. Based on a theoretical analysis of the socialist market economic system and an overview of the developmental trajectory of the socialist market economy with Chinese characteristics, this study posits that building a high-level socialist market economic system should be predicated upon upholding the core leadership of the Party, promoting common development of public ownership and various forms of ownership, integrating policy regulation with market incentives as fundamental requirements. Furthermore, it is essential to ensure that various forms of ownership exhibit greater vitality, price mechanisms demonstrate heightened sensitivity, and policy guidance and regulation are more precisely targeted. The key lies in continuously enhancing the governing capacity of both the Party and government, perpetually refining institutional mechanisms for factor allocation, optimizing property rights structures and functions, adhering to innovative service supply platforms, as well as fostering a collaborative environment conducive to shared business endeavors.