Abstract: As a far-reaching disruptive technology, the Internet technology has initiated a significant change of production system. This article uses the production function as the basic analytical framework, and try to analyze the characteristics and causes of the production rules of the Internet age. The result shows that first of all the Internet technology initiates the change of production technology conditions, as "digitalization of arbitrary objects and information", "universal connection of arbitrary information" and "storage and calculation of massive information" become the general production conditions. Under this production conditions, essential productive factors is becoming virtualized, and big data as the new essential production factor; large-scale networked collaboration is becoming the new production organization model. Finally new changes take place in input-output relationship, productivity is significantly increased. New production functions are generated, and open the new era of subversion of industrial system. Grasping the characteristics of new production function of the Internet Age is of great importance for our country to promote economic development and promote supply side reform under the background of new economic normality.