Abstract: Big data as a new factor of production has become the "oil" in the era of digitalization. Innovation and entrepreneurship driven by data elements is becoming a new engine to achieve high-quality development in the new era. Yet there are relatively few researches on the value realization process and value creation process of data elements. This study aims at the problem of valuing data elements under the new development pattern and the mechanism of realizing the value of big data. It first discusses the "5I"(Integration, Interconnection, Insight, Improvement, Iteration) social attribute of data elements, followed by proposing a "factor-mechanism-performance" dynamic holistic model with a core part of data bank. Data bank is based on the full storage, comprehensive aggregation, standard right confirmation and efficient governance of massive data. Based on the social attributes of data elements, the mode and concept of banks, it makes data as a new kind of economic resource and further a tradeable asset, and finally realizes the transaction and application value-added of data. Data bank is a new business form and value-added service under the market-oriented allocation of data elements in the era of data economy. Then it systematically discusses the five-stage dynamic process mechanism of multi-dimensional value creation of data elements through data bank, that is, low cost convergence, standardized right confirmation, highly efficient governance, asset trading and full scenario application. Furthermore, it discusses the challenges, pointing out that the core technology is not yet mature and the value efficiency is low, the orientation of organization is unclear and the system and law need to be perfected. Finally, it proposes future research topics related big data value creation and policy suggestions for the implementation of this dynamic holistic mechanism, with a call for constructing a value creating ecosystem of data elements with Chinese characteristics so as to enable China’s new development pattern and sustainable development. This study provides theoretical and practical enlightenment for opening the "black box" of data elements value creation process, accelerating the value creation of data elements, enabling digital industrialization and industry digitalization, and then realizing high-quality sustainable development led by digital innovation in the new development stage.