Abstract: As a productivity revolution that surpasses previous technological innovation, the “algorithm revolution” reshapes the productivity elements and their internal structure formed since the industrial revolution. That is, digital labor has become a new form of human labor; data has become a new object of labor for human production activities; digital means of labor has become the latest form of the evolution of human means of labor. However, under the leadership of private ownership, capitalism still takes plundering surplus value as the fundamental goal, and cannot form a real transformation of advanced production relations conducive to the progress of productive forces, and has formed algorithm monitoring in capitalist labor relations, algorithm monopoly in exchange relations, new inequality in distribution relations, and algorithm discrimination in consumption relations. The socialist system with Chinese characteristics based on public ownership and the “algorithmic revolution” have the unified progressiveness and dynamic adaptability, which provides the way for the development of the “algorithmic revolution”.