A VAR model is founded base on the Time Series Data from 1990 to 2012 in Guangxi. Then the relationship among international industrial transfer,regional innovation and economy growth was analyzed by use of cointegration analysis, impulse response function and variance decomposition in this paper.The results show that there exist long term equilibrium among international industrial transfer,regional innovation and economy growth. The impulse responses are positive about regional innovation to international industrial transfer and economy growth,and the contribution is sustained,but the impulse responses of economy growth to regional innovation is more sensitive than that to international industrial transfer.The results also indicate that international industrial transfer has short-term spillover effects?on regional innovation,but the contribution of economy growth to regional innovation level is becoming more and more stronger in the long run. Finally,some countermeasures and suggestions are put forward.