In the era of the digital economy, data, as a new factor of production, is profoundly reshaping traditional production methods and economic forms. To construct a theoretical explanatory framework for new quality productive forces driven by the data factor, this study first delineates an evolutionary framework for the stages of productivity development from a macro-historical perspective. It systematically reveals the evolutionary laws and structural dilemmas of traditional productive forces, clarifying the historical inevitability and generative logic of the development of new quality productive forces. On this basis, the study proposes that the data factor possesses the attribute of a “meta-factor” and constructs a new production function model embedding the data factor. By analyzing the dual attributes of the data factor—instrumentality and productivity—it elucidates the internal logic that triggers systemic restructuring. Furthermore, a “double helix” model for the value flow of the data factor is constructed, revealing the value-leap mechanism driven by the synergy of explicit and implicit value chains. It also explores the value creation logic centered on data intelligence. This research aims to provide theoretical support and practical insights for the development of the data factor and new quality productive forces in the digital economy era.