All-round innovation is a strategic choice to improve the overall efficiency of the national innovation system, and the intellectual property ownership and long-term use right system is the institutional guarantee to shape the new driving force and new advantages of all-round innovation. Firstly, this paper focuses on the state-owned intellectual property ownership system, summarizes the evolution characteristics of the relationship between intellectual property ownership and long-term use right in China, and interprets the theoretical logic of the relationship between intellectual property ownership system and all-round innovation. Theoretically, the synergistic mechanism of intellectual property ownership and long-term use right is concise. The improvement of the intellectual property ownership system needs to fully respect and follow the inherent laws of science and technology and economic development. Secondly, the intellectual property ownership and long-term use right system supports all-round innovation through the path of “separation of power and function-new ‘human-technology’ relationship-achievement transformation-technological innovation-all-round innovation”. Finally, this paper puts forward specific policy suggestions from the development direction, the specific content and the guarantee system of the new norm construction of state-owned intellectual property. On the one hand, this paper clarifies the relationship logic between the intellectual property ownership and long-term use right system and all-round innovation, as well as the mechanism of the system’s effect on all-round innovation. On the other hand, based on the practical predicament, this paper puts forward the direction and path of the structural norms of the intellectual property ownership and long-term use right system in China, providing a reference guide for the improvement and implementation of the system.