Abstract: This paper differentiates the two stages of COVID-19 pandemic in 2020, uses big data on firms’ registration from a big data platform, and empirically examines the loss and resilience of entrepreneurship in China under COVID-19 pandemic. The results show that: (1) the entrepreneurial activities decreased significantly in the COVID-19 emergency phase, which is 28.59% lower than that in the same period of 2019, cities with more COVID-19 cases and longer emergency response suffer the greater the decline of entrepreneurial activities. (2) the entrepreneurial activities in the COVID normal phase rose and rebounded significantly, with an increase of 25.62% in the second quarter compared with the same period of 2019. Cities with more increase of firms’ exit rate and higher decline of entrepreneurial activities in the COVID-19 emergency phase also have more increase of entrepreneurial activities. (3) Overall, COVID-19 did not cause a significant decrease in entrepreneurial activities in 2020, but there are significant differences in entrepreneurial activities in different regions. This paper not only enriches the comprehensive understanding of the economic impact of COVID-19 pandemic, but also identifies the important source of China's economic resilience under the impact of the epidemic.