Abstract: Science & technology entrepreneurship is an important approach to implement the innovation driven strategy and solve the problem of economy and science & technology “two skins”. The research institutes in our country have experienced system transformations and revolutions, science & technology entrepreneurship is in the ascendant, but how to effectively promote technology commercialization by collaborative science & technology entrepreneurship is still a new subject which is of great importance but lacks explorations. This paper selects Xi'an Institute of Optics and Precision Mechanics as the object of the case study, deeply explores the mechanism of promoting technology commercialization effectively in research institutes by collaborative science & technology entrepreneurship, reveals the process of transformations and upgrading of research institutes and puts forward theoretical propositions concerning science & technology entrepreneurship with research institutes as the mainstay. This paper expands theoretical and empirical research on technology commercialization of research institutes and initiates the research on collaborative science & technology entrepreneurship of research institutes, which has practical significances for research institutes’ practice in collaborative science & technology entrepreneurship and technology commercialization in our country.