Based on the theoretical understanding of the dual attributes of intellectual property rights (concrete technical resource attributes and abstract rights attributes) and the category of innovation activities (single innovation activity and innovation cycle system), this article explores the driving mechanism of intellectual property on innovation, aims to provide theoretical and practical basis for the intellectual property policy optimization and evaluation. This paper adopts grounded theoretical research methods, and extracts the theoretical model of intellectual property driven innovation through the analysis of 100 intellectual property policy texts of the Guangdong-Hong Kong-Macao Greater Bay Area.The study found that intellectual property can drive innovation in two paths. The first is to promote the realization of intellectual property economic value, technological value, and information value through intellectual property protection, management and usage then promote innovation environment construction, innovator cultivation, innovation motivation incentive, innovation resource gathering, and innovation decision. The second is the accelerating effect on big innovation system by the intellectual property innovation cultivation. In the future, intellectual property policies should continue to optimize fair competition environment and supply of innovative services, and build a fertile innovation ecological environment; pay more attention on the quality-oriented intellectual property innovation cultivation, and provide fresh blood for the cycle of innovation activities; strengthen intellectual property operations to promote the transformation of innovative resource and the transformation of intellectual property value attributes then empower innovation capabilities; use intellectual property navigation to promote the innovative resources allocation and catalyze the upgrading of innovative activities.