Driven by “digital and algorithms”, intelligent manufacturing has become a new paradigm for future manufacturing development, attracting significant attention from scholars globally and yielding substantial theoretical and practical insights. Based on a review of literature on digital technology, algorithms, and intelligent manufacturing, this paper summarizes the influencing factors driving the development of intelligent manufacturing through the integration of “digital + algorithms” across three dimensions: technology, organization, and public environmental policy. It also identifies the impact mechanisms from upstream, midstream, and downstream segments of the intelligent manufacturing industry chain. Additionally, this paper explores the outcomes of “digital + algorithms” integration driving the development of intelligent manufacturing through five types of innovation: new product introduction, new process development, new market expansion, new resource utilization, and new organizational creation, thereby establishing a comprehensive review framework. Finally, it identifies limitations in existing studies and proposes future research directions from multiple perspectives, providing insights for the transformation and development of intelligent manufacturing.