The paper analyzes the research hotspots of the Contract Research Organization (CRO) in China by co-word analysis. Firstly, it classifies high-frequency keywords and summarizes the microscopic and macroscopic perspectives for CRO research hotspots. Then, it builds the co-word matrix, makes cluster analysis and obtains respective research hotspots from macroscopic and microscopic perspectives. In the end, by multi-dimensional scaling analysis, it concludes that research hotspots in the industrial chain focus on the development of new drugs and clinical trials.