Based on the evolution of online retail and the coupling perspective with retail business change theory, this paper investigates the evolution law of online retail. Conclusions are as follows: firstly, online retail experiences a continuous evolution, expansion and enrichment process, which can be divided into five stages: germination, rise, explosion, integration and sublimation. Each stage has its own characteristics. Secondly, the evolution of online retail formats is coupled with traditional theories of retail formats such as retail wheel theory, vacuum zone theory, new retail wheel theory, retail accordion theory, retail life cycle theory and environmental theory, and so on. But at the same time it shows its own characteristics. Thirdly, the deep integration of offline, online and logistics is the basic trend of the development of online retail. The “new retail” drives the reform and reconstruction of supply chain and promotes the emergence of “new manufacturing”, which is an important issue that needs further study.