Systemic recalibration of industrial policy has imposed new institutional demands on technology transfer, rendering supply–demand alignment efficiency the pivotal variable governing conversion outcomes. Against this backdrop, the present study zeroes in on supply–demand matching in technology transfer under policy guidance.It unpacks the underlying logic from two angles: the reshaping of supply orientation by industrial policy and the pull effect exerted by market demand. On this analytical basis, the paper dissects the salient problems currently at play and, in turn, proposes optimization pathways, aiming to furnish reference points for improving supply–demand matching efficiency in technology transfer.