Since 2017, the "Million Alumni Intelligence Back to Han Project" in Wuhan has successfully activated the alumni economy, and then Xi'an, Nanjing and other cities have paid great importance to the alumni economy. As a new economic form, the alumni economy will become a new key to urban economic development. Starting from the actual cases, combining the relevant theories of economics, a research of promoting the economic development of alumni is analyzed with the method of causal analysis diagram in management science, and practical thinking and suggestions are put forward. It is expected to provide references for local governments, universities, alumni associations and other multi-party organizations to enhance the actual effect of alumni economy development.