The digital economy has been deeply embedded in various fields of China’s economic, social, and industrial development, and building a new dual circulation development pattern of China’s digital economy is bound to form a stable domestic and international industrial chain value chain system. However, existing research has paid little attention to the value chain of the digital economy industry, especially the lack of research on the influence and constraints between domestic and global circulations in China’s digital economy industry. Based on the full decomposition model of regional gross output, this paper conducts research on the double-loop development pattern of China’s digital economy core industries on the basis of value chain theory, and finds that China’s digital economy core industries have initially formed a dual circulation development pattern. The digital manufacturing industry in China has a higher degree of domestic region division and a deeper degree of participation in the international cycle. The domestic value chain is mainly driven by the southeast coastal region, and it is integrated into the global value chains (GVCs) through “big in and big out”. The national value chains (NVCs) on the whole are still in a relatively “downstream” position, and the relative independence of the industrial chain has yet to be improved. The digital application industry in China mainly relies on domestic value-added outflow and foreign vertical specialization to participate in NVCs and GVCs. The smooth international industry chain cycle promotes the domestic cycle level of China’s digital product manufacturing industry. At the same time, China’s digital product manufacturing industry continues to deepen its participation in the international cycle, but the security of the industry chain faces the negative impact of “decoupling and breaking the chain”, and the resilience and stability of the industry chain supply chain need to be accelerated. Compared with the existing literature, the research in this paper mainly expands on the following two aspects: firstly, it initially constructs a framework for the analysis of industrial value chains reflecting the overall pattern, domestic value chains, global value chains, and backward and forward industrial linkages, etc. The framework proposes indicators such as the domestic value chain participation path and the degree of the domestic division of labour participation. Secondly, the CEADS inter-regional input-output table is used to carry out a complete decomposition of total output value added, which provides a data basis for analyzing the value chain pattern of the core industries of China’s digital economy. This paper systematically analyses the double-loop development pattern of China’s digital economy core industries, which is essential for a correct understanding of the way China’s digital economy core industries participate in domestic and global value chains, for regions to make better use of the two markets and two resources, for deepening the production and trade links between the digital economy core industries in various domestic regions, and for effectively strengthening the strength and value chain of China’s digital economy core industries in the global industrial chain. It also provides a reference basis for China’s digital economy core industries to effectively enhance their strength and influence in the global industry value chain.