This paper takes Wafangdian Bearing Group as a case study and adopts a single-case study method to explore how the long-established state-owned enterprises release the potential of digital transformation by digital unlocking. It is found that digital unlocking is the key to the successful digital transformation and “curve overtaking” of the long-established state-owned enterprises lacking resources and capability base. The digital unlocking of long-established state-owned enterprises includes three dimensions, namely, calibrating digital strategy direction, releasing organizational flexibility and activating employees’ motivation. Calibration measures include formulating a digital transformation strategy and aligning with business strategy; release measures include breaking the traditional organizational structure, reconstructing management system and standardizing business processes; activation measures include breaking IT and business barriers, reconstructing employee knowledge system and internalizing employee digital thinking.