Disruptive innovation theory provides a leap-forward approach for latecomer enterprises to catch up. Combing the literature of the latecomer enterprises catching-up and disruptive innovation theory, the paper reinterprets the connotation of disruptive innovation from the perspective of latecomer enterprises, integrates the influencing factors of disruptive innovation from the multidimensional perspective of internal organization and external market, technology and policy, and summarizes the way to realize the disruptive innovation of latecomer enterprises from two aspects of timing choice and path, and then construct a theoretical framework of disruptive innovation based on the perspective of latecomer enterprises in an exploratory way. Finally, the current research results are summarized, and the research trends of high-end disruptive innovation, disruptive business model innovation and destructive innovation quantitative research are put forward.