The institutionalization process of China's digital advertising industry is a process in which digital advertising organizations promote digital advertising operation mode into a mainstream operation mode through digital advertising technology. This article takes "organization - technology" as the logic, grasp the dynamic evolution characteristics of digital advertising organization and digital advertising technology by content analysis, and make a diachronic research on the institutionalization of China's digital advertising industry. It is found that Internet enterprises and digital advertising agencies are the main promoters of the institutionalization. Targeting technology is the engine of the institutionalization. At the same time, the advertiser will play an important role during the institutionalization, and the integration of displaying technology and targeting technology will be crucial for the institutionalization of China’s digital advertising industry.