Based on an analysis of the characteristics of Macau’s economic structure, this paper discusses the progress and problems of Macau’s moderate economic diversification process, and puts forward some policy suggestions on how to promote further the diversification. Industries in Macau can be divided into gaming industry, gaming-related industries, livelihood-related industries and foundation industries. Although a trend is yet to be established for diversification, economic concentration has been relatively suppressed, creating necessary conditions for the Government to promote moderate economic diversification.