Equipment manufacturing industry as a manufacturing base, its development level is directly related to the development of national economy development speed and quality. In order to reveal the influence of the equipment manufacturing industry development efficiency factors, this paper uses Malmquist index method to our country equipment manufacturing total factor productivity growth condition, measuring the total factor productivity (TFP) growth constitute a decomposition for technical progress and technical efficiency change two parts, and the affecting factors using panel model regression. The results of the study showed that China's equipment manufacturing industry average annual growth rate is 11%, from the point of view of industries, the fastest growth industry is general equipment manufacturing. Through the provincial panel data to the influence factors of our country's equipment manufacturing industry innovation efficiency analysis, regression results show that the biggest influence factor is the technical level and human capital stock. The most significant influence coefficient of areas is coastal region, followed by the central region, the northeast region and the western region. Industry technical level, regional economic development level and industry open degree's regression coefficient is positive, human capital stock regression coefficient is negative. Finally, put forward the policy proposition to improve the efficiency of the equipment manufacturing industry innovation.