Since Nobel Prize was first assigned in 1901, 22 Japanese scientists have achieved this honor, which has led wide interests over the world. This article, beginning from this phenomenon, focuses on analyzing Japanese S&T policies and development path since 1970s, which set significant foundation for the country to be an S&T great power, and summarizes some important experience. Japan's great achievement in Nobel Prizes indicates that those policies are apparently effective in consolidating Japan's S&T abilities.