Abstract: Computing power is a critical foundation supporting the robust development of the digital economy, with its strategic significance recognized globally. This article systematically elucidates the intrinsic mechanisms, current challenges, and implementation path of computing power driving the high-quality development of digital economy. The research suggests that computing power, as a new engine of digital economy, drives the innovation and application of advanced digital technologies, facilitates the release of data element value, promotes the prosperity of related digital industries, accelerates the deep integration of digital technologies with traditional industries, and helps bridge the digital divide to support balanced digital economic development. However, there are several issues hindering the full potential of computing power: the foundational industries supporting computing power have shortcomings, the application of computing power in traditional industries and the real economy is difficult, the overall energy consumption and carbon emissions of computing infrastructure are significant. Moreover, there is a lack of relevant standards for computing power, and there is an imbalance in the development of computing, storage, and transmission capabilities. Therefore, it is imperative to strengthen technological innovation, enhance the comprehensive supply capacity of computing power, build an integrated computing power service system, construct green and efficient data centers, and engage in international exchange and cooperation to stimulate the innovative vitality and application potential of computing power, thereby empowering the high-quality development of digital economy.