Abstract: In the digital era, the traditional economic theory can not be applied to the marginal benefit balance mechanism that coordinates the supply and demand relationship and the monetary flow mechanism that drives economic growth. Instead, two unique mechanisms, namely, benefit sharing coordination and social reproduction, are taking big data as the core. Among them, the benefit sharing mechanism of big data includes the demand improvement effect of traffic and the supply and demand creation effect of deep information, which belongs to the problem of value transfer, and is reflected in the structural change of e-commerce revenue; The latter belongs to the problem of value creation, which is rooted in the optimization of product supply and demand matching by deep information. The social reproduction mechanism driven by big data reveals the core of economic growth in the digital era, and points out that the circular capacity of the national economy and the expansion of regeneration level depend on the accumulation and role of deep information of big data. Through the comprehensive analysis of the two mechanisms, we can find that monopoly and competition are mutually conditional in the digital economy. Therefore, in order to manage the use of big data, we need to guide the platform market structure, big data derivatives regulation, and big data deep information development incentives.