In the era of the Internet, the interaction between people is becoming closer, the scale of knowledge spillovers is constantly expanding, and the generation of knowledge is becoming more difficult. This has led to continuous innovation in the business methods of enterprises, and the replacement speed of business models is accelerating. Bilibili (hereinafter referred to as "Bili"), as one of the new media platforms where a large number of young people gather, has unique advantages in market positioning, content creation mode, and operation mode, thus demonstrating stronger vitality. Therefore, the purpose of this article is to analyze the innovative business model of Bilibili, explore the internal mechanism of Bilibili's value creation, and identify its problems. Finally, targeted suggestions and countermeasures are provided to provide useful references for the establishment of enterprise business models and the generation of core competitiveness.