Abstract: Folklore economy is very prosperous in today’s China, but economic folklore hasn’t been started until the late 20th century and has merely focuses on the arrangement of general resources of folklore economy. Economic folklore and folklore economy, as the basic object of economic folklore, are two important categories, between which there are both distinctions and connections. A large-scale investigation of Chinese folklore economy resources is required in order to build a database for the development of such resources. Political and institutional culture has a crucial impact on folklore consumption custom. Folklore economy is very significant to cultural continuity and identity. Consumption custom constitutes one of the core driving forces for economy. Folklore ecology is comprehensively related to the development of economy. As an enormous knowledge system, economic folklore requires a systemic construction. As for the productive protection of intangible heritage, which is a cultural focus in recent years, we should go beyond the simple perspective of production and solve the survival predicament of traditional intangible heritage by constructing culture identity so as to effectively promote the benign development of intangible heritage.