Space transportation system is the most important foundation and prerequisite for all space activities and one of the important symbols of a country’s comprehensive strength. Based on the deep analysis of the development characteristics of the world’s space transportation system, and aiming at building a space power and a world-class space transportation system, this paper systematically sorts out the current development situation, development demands and deficiencies of China’s space transportation system. Looking ahead to the future development trend of China’s space transportation system, this paper puts forward four key objectives of creating expendable launch vehicle, reusable launch vehicle, space transfer vehicle and new concept launch vehicle, respectively, in order to build a space transportation system with strong capacity, comprehensive coverage and advanced performance.