Abstract: This paper reviews and summaries the four stages of economic geography development, and the features and contributions in each period in the last 50 years, emphasizing on the recent two decades. And also, it analyzes the framework of current Chinese economic geographic theory, and points out that this subject consists of one core, two directions, dual characters, three fields, three basic theories-industrial structure network theory, regional division of work theory and economic region movement theory, and such branch theories as condition theory, industrial factors theory, structure and function theory, and geo-relation theory. The three basic theories are the supporting skeleton of this subject, being relative stable, while the branch theories vary according to the elasticity of its study substance, being relative unstable, owning clear time characters. Finally, this paper points out four trends of economic geographic theory development, namely, "centrifuge" and "return" of the subject, resuscitation of industrial economic geography, the strengthening of the research on geopolitical and geoeconomic theory, and hot spot of regional development and regional image design.