Abstract: The smart emergency industry serves as a vital pillar for enhancing national safety governance capacity and public service levels. How to achieve high-performance development pathways for this industry driven by multiple factors is a research topic that urgently requires in-depth investigation. Building on the TOE theory, the policy dimension was introduced to construct an integrated P-TOE (Policy–Technology–Organization–Environment) analytical framework. Employing the dynamic Qualitative Comparative Analysis (QCA) method, the configurational pathways and evolutionary patterns of smart emergency industry development under the joint influence of multiple factors were systematically explored. The findings indicate that: (1) In the development of the smart emergency industry, policy is not only a component of the external environment but also a key driver shaping the industry's operational mechanisms and performance outcomes; (2) High-performance effects in the smart emergency industry are generated through four driving pathways, forming two configurational modes; comparing these two modes, policy holds unique value in the synergistic evolution of the industry: when technological conditions are insufficient, policy factors can establish a “substitutive support mechanism” through institutional incentives and resource allocation, providing alternative pathways for achieving high-performance development; (3) During the exploration, expansion, and rapid growth stages, the equivalent driving pathways for high-performance development of the smart emergency industry are not singular; instead, diverse adaptive mechanisms emerge in response to different industrial environments across stages. Dynamic trajectory analysis reveals that while policy factors are not consistently dominant, they play a directional guiding and institutional safeguarding role at critical developmental stages, serving as important catalysts for promoting synergistic evolution of various elements and driving industrial leaps.