This paper discusses how to realize the visionary goal of “basically realizing socialist modernization by 2035 and achieving more obvious and substantial progress in the common prosperity of all people,” proposed by the fifth plenary session of the 19th Central Committee of the Communist Party of China. Based on the Marxist political economy, this paper focuses on the theoretical and practical issues of common prosperity. It then comprehensively elaborates on the profound connotation of common prosperity, the goals, the ways by which to achieve it, and the design of indicator system and assessment methods to be used. Looking ahead to the next years, it makes a medium- and long-term analysis and forecasts on the economic and social goals related to the development of common prosperity from 2021 to 2035, analyzes the opportunities and challenges involved in achieving common prosperity, proposes to continuously narrow the three major development gaps between regions, urban and rural areas, and residents' incomes, realizes the goal of equalizing basic public services, and finally offers a strategic path by which to achieve common prosperity over a series of steps and stages. The strategic path, major tasks, and key measures for achieving common prosperity in stages featured in the Chinese experience will provide the rest of the world with references by which to solve the challenges of wealth gaps for humankind.