Abstract: The construction of high-speed railway has a far-reaching impact on China's industrial agglomeration,which changes the time distance and time cost between cities through the increase of railway speed. The decrease of time cost between cities not only affects the industrial layout by accelerating the flow of movable factor endowment,but also arouses the attraction of immovable natural resources to industrial enterprises,which leads to the phenomenon of industrial agglomeration and transfer in China today. In this paper,we systematically review the mechanism of the impact of high-speed rail on industrial agglomeration and transfer. Because of the factor endowment advantage,the central area will produce the agglomeration force to the industrial industry,and there will also be the decentralization force,that is,the "thrust" caused by the crowding effect. Under the attraction of natural resources,there will be a "pulling force" on the industrial industry of the central area in the fringe area. The final result is that the industrial industry of the central area will be adjusted or upgraded,and some industries will be transferred or diffused to the fringe area. In the process of "thrust" in the central area and "pull" in the fringe area,the high-speed railway plays an accelerating and promoting role. In view of this,the shortest time distance between 284 prefecture-level and above cities in China after the opening of high-speed rail is included in the empirical test. The main conclusions are shown as follows. (1)After the opening of high-speed rail,the impact of the non-movable natural resources on the industrial distribution is deepening. (2)China's industrial transfer path is carried out according to the urban level. The industrial development of the first and second-tier cities relies more on scientific and technological input to promote industrial upgrading. (3)Third and fourth-tier cities are deeply affected by natural resources and are undertaking the industrial transfer of first and second-tier cities.