The DEA-Malmquist index method was used to measure the total factor productivity and its decomposition efficiency in northeast China from 2005 to 2020. On this basis, the Tobit model of hybrid panel was used to test its influencing factors. The result show that the equipment manufacturing industry in northeast China is driven by the “Single track” of technology progress-ss, the overall efficiency is DEA efficient. Its growth rate is restrained by technical efficiency, the pure technical efficiency loss is the root of the technical efficiency decline. The development of equipment manufacturing industry in northeast China has the characteristics of industrial heterogeneity and regional heterogeneity. Nevertheless, the main performance is the drag effect of technical efficiency. Increased government spending on research and development, increased marketization and regional economy developed could raise the total factor productivity. As the degree of industrial agglomeration and government spending increased, the total factor productivity declined. The size of the industry and the level of urbanization are not directly related to the total factor productivity.