With the rapid development of artificial intelligence, people's lifestyles are gradually moving from digitalization to intelligence, however, the elderly has not yet truly shared and integrated into the new digital life, so it is imperative to accelerate the elderly-friendly design of smart products and services by exploring new design fields, tools, thinking and methods, to reach digital equity, and help the elderly better adapt to modern lifestyles. Based on the problems in the using of elderly-friendly products, this study reviewed the development of inclusive design and the elderly-friendly design methods for smart products and services through literature review and case study, summarized the limitations of current design methods, put forward the design elements and design principles of smart products based on SET-PMC, and constructed the Mobius double-loop structure model of elderly-friendly design methods for smart products and services from the prospective of inclusive design. With the use of the SET-PMC full factor model and the Mobius double-loop method, an inclusive elderly-friendly design method of smart products was proposed, which could adapt to the dynamic needs of the elderly group, and emphasized value co-creation, situational awareness and digital equity in the design process. The new paradigm of elderly-friendly design under the perspective of inclusive design combines the systematic inclusive design method with human-centered design thinking, innovates in the theoretical model and methodological path, explores the inclusive and friendly creative design that meets the dynamic needs of more elderly users, and helps the interdisciplinary design team to build a design-driven innovative development mode of aging-friendly intelligent products and services, and promotes the high-quality development of aging-related industries and social life.