Abstract: Technology and institution are important driving forces for industry development, but their relationship has not reached a consensus by the mainstream economic theory. This article researches the roles of co-evolution of technology and institution in emerging industry development through evolutionary theory. Taking electric vehicle as a case and five-year plan as the industrial developing node, this article researches the co-evolution process of technology and institution during different stages of industrial development, and founds that it is institution that driving technology innovation in breeding period and seeding period, and technology driving institution innovation in growth period. To promote the development of the electric vehicle industry, it needs more institution innovation for technology and industry development.