To enhance the ability of product platform innovation and upgrading under Mass Customization (MC) environment, the concept of Product Platform Life Cycle (PPLC) was put forward. The innovation and evolving process and the characters of PPLC were analyzed. The Stability of the platform and its disturbance factors were discussed. A model which describes the process of product platform innovation and evolution was proposed. Then disturbance factors affecting product platform stability and platform innovation process were discussed.