In recent years, branding strategy has risen to the level of national strategy. Enterprises also attach more importance to their brand building. While our economy is shifting towards one of high quality and digitalization, and the new economic pattern of dual circulation is forming, the theory and practices of branding strategy are facing new problems. Based on the characteristics of economy transformation and internationalization with dual circulation, and the development of branding strategy theory ,we discussed the emerging challenges in the core theories of firm-oriented and market-oriented branding strategy, and proposed the prospects of future research. Our research helps to improve the understanding of branding strategy theory, further, to develop the new topics of branding strategy and provide references to solve the practical problems of branding strategy in the context of economy transformation and dual circulation.