Common prosperity is the greatest advantage of socialism, and achieving common prosperity is the essential requirement of Chinese path to modernization. Based on the theoretical origin and connotation of common prosperity, this paper intends to construct an evaluation index system based on six aspects: prosperous living standards, spiritual confidence and self-improvement, and among others. Utilizing the entropy weight method and Markov chain analysis, the study finds that indicators of prosperous living standards and universal public services have the greatest impact on the common prosperity development level in Zhejiang Province. The common prosperity development levels of prefecture-level cities in Zhejiang Province have steadily increased during the study period, though imbalances persist. Less developed cities, however, show significant potential for late-stage growth. Based on the common prosperity development level scores, the 11 prefecture-level cities can be categorized into four types, with mid-to-high and mid-to-low level cities exhibiting the greatest potential for improvement. Therefore, the government should consider establishing a mutual aid community, optimize the income distribution system, and steadily promote the equalization of economic development and public services, so as to break through the existing common prosperity development pattern and achieve the balanced development of the province’s common prosperity.