Abstract: Taking Guangzhou Jiangnan Fruit and Vegetable Wholesale Market as case study object, dynamic process of its transformation and upgrading was illustrated with grounded theory, and an evolutionary theoretical model of transformation and upgrading of agricultural wholesale market was constructed． Results showed that 11 factors affected transformation and upgrading of agricultural wholesale market． Transformation and upgrading of agricultural wholesale market at different stages could be promoted through market activity mechanism, management efficiency mechanism and policy guidance mechanism． At the same time, interaction of internal and external factors also had an important impact． Policy suggestions on participating in upstream link of supply chain, accelerating construction of information and digitalization, and coordinating policy development, etc, were put forward．