The process of the CPC leading the Chinese people to achieve common prosperity is a process from theory to practice, abstract to concrete, and partial to the whole. Since the founding of the CPC, common prosperity has gone through four stages: initial exploration, tortuous exploration, initial development, and all-round progress. The basic historical experience of upholding the overall leadership of the Party, upholding reform and opening up, and putting the people first has formed. The report to the 20th CPC National Congress solemnly declared that building a great modern socialist country in an all-round way is the central task of the Communist Party of China from now on, and common prosperity is the essential requirement of Chinese-style modernization and Chinese characteristics. The theory of common prosperity in the new era has rich connotation, broad extension and its own system. In terms of goals, it has realized the unification of overall prosperity and comprehensive development. In terms of content, it has covered the unification of material prosperity and spiritual prosperity. In terms of process, it has involved the unification of co-construction and shared prosperity. In terms of space, it has integrated partial prosperity and overall prosperity. In terms of form, it has designed the unification of general prosperity and differential prosperity. Marxism-Leninism is the theoretical source of common prosperity in the new era. Marxist classical writers’ important thoughts on common prosperity, such as the direction and goal, material basis and institutional guarantee, provide scientific theoretical support for common prosperity in the new era. The theory of common prosperity in the new era is a scientific theory that has grown up in the excellent cultural soil of China. The fine traditional culture of China has cultivated the cultural foundation of common prosperity, the revolutionary culture has tempered the cultural foundation of common prosperity, and the advanced socialist culture has nourished the cultural foundation of common prosperity. To achieve common prosperity in the new era, we need to make good use of the world outlook and methodology of Thought on Socialism with Chinese Characteristics for a New Era on the basis of passing on good historical experience. We need to enhance the "material cake" of common prosperity with high-quality economic development, enhance the "spiritual cake" of common prosperity with high-quality spiritual civilization construction, and enjoy the "cake taste" of common prosperity with high-quality balanced mechanism construction. To achieve high-quality economic development, it is necessary to ensure that the "material cake" will not be downgraded by "stabilizing" the macroeconomic market. to promote the "material cake" to achieve new growth by "seizing" the innovation and development engine, and to ensure that the "material cake" will not change its taste by "holding" the bottom line of safe development. To promote the construction of high quality spiritual civilization, it is necessary to enhance the quality sense of "spiritual cake" with excellent cultural construction, to enhance the sense of the times with scientific and technological civilization, and to enhance the identification of "spiritual cake" with the reform of education sharing. To build a high-quality balance mechanism, we need to use an efficient income distribution mechanism to help all people enjoy the "cake", a fair social security mechanism to help all people enjoy the "cake", and a durable health protection mechanism to help all people enjoy the "cake".