This article aims to investigate the relations between transnational academic capitalism and The New Southbound Talent Development Program in Taiwan. On the basis of the theoretical framework of academic capitalism, we critically analyze the role of government authorities, higher education institutions and Taiwan-funded Enterprises in the New Southbound Talent Development Program and its accompanying political ideology. This article first reviews the conceptualization and typology of academic capitalism. Moreover, from the process of democratization and marketization in Taiwan’s higher education, we elaborate on how the development of Taiwan’s higher education has transformed from party-state academic capitalism to transnational academic capitalism. Likewise, the New Southbound Policy and the interpellation document of Education and Culture Committee in Legislative Yuan are also used to analyze the construction of ideology, embracing the dimension of Market, Pipeline and Platform. Finally, based upon the perspective of academic capitalism, we reinterpret how the New Southbound Talent Development Program has initiated the operating mechanism of transnational academic capitalism and then represented production relations between “transnational bourgeoisie” and the “transnational academic labors” in the context of Talent Development Program. Accordingly, the production logic of transnational intellectual commodities is also being combed.