The EU’s Digital Strategy is an important development strategy in response to the New Industrial Revolution and the challenges facing its economic growth and competitiveness. Based on the theories about the different development stages of technological revolutions by Carlota Perez, a well-known evolutionary economist, this article extracts a theoretical framework for analyzing labor productivity changes driven by the progress of digital technology, and then explores the EU’s Digital Strategy and the prospects of its implementation. In general, the EU and the US, having just completed the installation period of the Digital Technology Revolution, are still in the transition period after the bursting of the bubbles, who have not yet unlocked the deployment period. The analysis of different industries’ contribution to labor productivity growth shows that there have already been signs indicating that the EU has launched the deployment period and that the final goal of digital transformation set by the Digital Strategy reflects the EU’s clear willingness to fully start the deployment period. However, the existence of “shortcomings” in such aspects as technological breakthroughs, market size, labor skills, and standard- and rule-making has determined that the EU’s ability in implementing the strategy is relatively insufficient. In short, it is necessary for the EU to overcome a number of obstacles before it could make use of its Digital Strategy to achieve a comprehensive digital transformation in economy and society, break the “path dependence” of the evolution of its industrial structure, and then significantly improve labor productivity.