Abstract: The rapid development of technologies like artificial intelligence (AI) and big data has driven the rise of marketing technology (hereafter,MarTech). By integrating advanced tools into marketing management,MarTech optimizes strategies,improves supply-demand matching,and enhances firms competitiveness. Its applications include real-time data analysis,intelligent forecasting,personalized marketing,and cost reduction. MarTech now extends beyond traditional marketing to support digital transformation across various industries,playing a crucial role in driving innovation and industrial optimization. This becomes more important with the increasing popularity of large language models (LLMs),which have been widely examined in recent literature related to market research enhancement,predictive accuracy,and content creation,as well as the impact of AI on sales and customer service. MarTechs complex ecosystem involves multiple stakeholders,such as platforms,merchants,and consumers,whose interactions shape market dynamics. Effective governance should balance these interests to ensure sustainable development,particularly in platform economies. Furthermore,the adoption of MarTech may widen the competitive gaps between large enterprises and small and medium-sized enterprises,while AI-generated products introduce new concerns regarding market efficiency. Furthermore,there is a need to design and implement effective governance policies to address the potential social equity issues arising from the application of MarTech. This paper focuses on the governance issues arising alongside the application of MarTech. To achieve long-term,sustainable growth,it is not enough to concentrate solely on the economic benefits of technological applications; we must also give deeper consideration to how market efficiency,fairness,and social welfare can be balanced. With the large-scale adoption of MarTech,a range of governance challenges have gradually surfaced,exposing potential issues in areas such as ethics,security,and social equity. At the micro level,consumer data privacy is a growing concern,with risks such as data-driven price discrimination and data misuse. At the firm level,algorithm designs and applications are expected to balance profits and social responsibility,mitigating the risks associated with biased data and model inefficiencies. At the macro level,new technologies are reshaping market structures,necessitating effective regulatory strategies. Through a systematic review and analysis of existing literature in related fields,both domestic and international,the study identifies research gaps and offers recommendations for sustainable MarTech development,highlighting the importance of fairness,transparency,and social responsibility within the digital marketing ecosystem.