The idea of common prosperity has a long history. It is not only the goal pursued by the Chinese nation for a long time, but also the essential requirement of socialism, and it is also the proper meaning of high-quality economic development. At the Sixth Plenary Session of the 19th CPC Central Committee, the need to promote high-quality development and promote common prosperity was emphasized. Common prosperity is not only the realization of material wealth, but also includes multiple levels of connotation, such as economic prosperity, political prosperity, spiritual prosperity, social stability, and livable environment. High-quality development is a more efficient and sustainable development aimed at meeting the people’s needs for a better life and promoting the five-in-one construction of economy, politics, culture, society and ecological civilization. It is the direction and important topic of development in the new era. The economic high-quality development is the key to high-quality development, and it will promote the improvement of the total economic volume and the optimization of the economic structure, thereby promoting the revitalization of the countryside and the improvement of the income level of residents, and achieving economic prosperity. Among them, adhering to the primacy of scientific and technological innovation, the dialectical unity of goals and results, quantity and quality, and the inclusiveness of development results are the distinctive characteristics of the era of high-quality development in the new era. Based on improving the quality of economic development and better achieving the goal of common prosperity, the internal logic of high-quality development enabling common prosperity can be discussed from three perspectives: theoretical logic, era logic and practical logic. Common prosperity must be based on high-quality development, and common prosperity is the result of successful high-quality development. The promotion of high-quality development and the realization of common prosperity are interconnected in terms of time, and are also practically feasible. High-quality development to promote common prosperity has the opportunity of the times, but also faces a series of challenges. The leadership of the Party, the institutional advantages of socialism with Chinese characteristics, the mass foundation, and the continuous improvement of national governance capacity are opportunities of the era for high-quality development to empower common prosperity, but at the same time, it is also faced with five major challenges: regional disparity and income disparity, population aging and financial pressure, unequal development of digital technology, short-term economic pressure caused by the transformation of new and old kinetic energy, and the heightened uncertainty of the COVID-19 pandemic. Finally, a practical path for high-quality development to empower common prosperity is put forward: improve the basic socialist economic system and grasp the new dual-cycle development pattern; improve the income distribution system by promoting the reform of the fiscal and taxation system; assist the rural revitalization plan and promote the integrated development of industries; conform to digital transformation, improve the technological innovation system, and provide more scientific and modern means for common prosperity; promote industrial optimization and upgrading, improve the quality of financial development, and better promote common prosperity. It can be considered that the conclusions of this study have important theoretical inspiration and practical significance for understanding the internal logic between high-quality development and common prosperity, and exploring the path to achieve common prosperity.