The United States Semiconductor Manufacturing Technology consortium (SEMATECH) is a famous successful case of cooperation between government and enterprises to promote industrial technology development in the world. In the government’s support for industrial technology and joint develop industry key technology, there are a lot of experience worth studying and learning from it. Based on the systematic research results of SEMATECH in American academic and policy circles, this paper makes an in-depth discussion on SEMATECH from four aspects: the driving force of SEMATECH’s establishment, the relationship between government and industry, its organization, activities, achievements and contributions, and puts forward the lesson and inspiration for China to learn from.