A necessary condition for realizing macroeconomics is to rationally upgrade the industrial structure. In this process of upgrading, financial capital deepening and technological progress are important ways to promote the upgrading of industrial structure. From an endogenous perspective, this essay explores the internal links between financial capital deepening, technological progress, and industrial structure upgrading. The analysis shows that factors of technological progress have not make a tremendous impact on the upgrading of Chinese industrial structure, nor are they a positive reason for promoting the development of the industry to a higher level. The deepening of financial capital obviously promotes the optimization and upgrading of industrial institutions, which is its main factor.