Abstract: It is an effective way for industry-university-research collaborative innovation to improve the outputs and transformation of scientific achievements, and it has an important role on the development of technological innovation and economy. The study explores the factors affecting the stability of industry-university-research collaborative innovation, and the overall process of industry-university-research collaborative innovation includes the four stages of project matching, cooperative research, experiments and trial production, and industrialization. On this basis, the study analyses the stability and affecting factors of industry-university-research collaborative innovation during the period 2004–2013 through the grounded theory, and the empirical results show that the duration of industry-university-research collaborative innovation of about 50 percent of enterprises is around three years; Under these conditions of the different natures of the enterprises, the different cooperation methods and the different profit distributions ways, it is significant difference for the duration of industry-university-research collaborative innovation. The knowledge resources complementation, reputation, communication and the attitude of cooperation have positive roles on the stability of industry-university-research collaborative innovation, and then research capabilities and geographical distances show less significant effect on the stability of industry-university-research collaborative innovation.