Since Yiwu International Trade Mart is a typical case of Zhejiang service industry clusters, this paper introduces general information about Yiwu International Trade Mart and vividly analyzes the current development of its district V market. This analysis focuses on its evolvement and history from the 1 st generation of street market, the 2 nd generation of pedlars’ market, the 3 rd generation of frame canopy market, the 4 th generation of large-scale indoor market to the 5 th generation of International Trade Mart. This paper sums up the development features and existing problems of Yiwu International Trade Mart, and finally gives suggestions on advancing the positive development of Yiwu International Trade Mart by keeping good relationships with governments, fostering "innovation" culture, improving product quality, speeding up industrial upgrading and developing positive competition.