Based on the ADB-MRIO database, this paper constructs the 2008~2020 Asia-Pacific value chain restructuring indicators from the two dimensions of value chain migration and status adjustment, examines the impact of economic policy uncertainty on the restructuring of Asia-Pacific value chain and its mechanism, and further analyzes how the development of the Internet affects the effect of economic policy uncertainty on the restructuring of Asia-Pacific value chain. The results find that rising economic policy uncertainty has generally driven the shift of value chain participation to the Asia-Pacific Region, and that the impact is played through the channels of FDI. At the same time, increased economic policy uncertainty can help to enhance countries’division of labor in Asia-Pacific value chains and play a role through innovation. And the above impact is particularly significant in the manufacturing industry. The development of the Internet has strengthened the impact of economic policy uncertainty on the migration of participation and division of labor in Asia-Pacific value chains. In view of this, China should stabilize the frequency of economic policy updates, increase the security protection of the industrial system, strengthen Internet construction, and deepen economic and trade cooperation in the Asia-Pacific Region.