Abstract: mproving the innovation efficiency of regional intellectual property intensive industries helps to promote industrial transformation and upgrading, to advance economic and employment contribution. The study takes 33 intellectual property intensive industries in Zhejiang Province as samples, based on innovation value chain, to evaluate the innovation efficiency and identificate its key factors. The research conclusion shows that the production scale and the amount of invention patent applications are the key factors affecting the efficiency of innovation, which plays a positive effect, the government funds plays a negative impact on the innovation efficiency. There are three non-significant factors, namely R&D expenditures, expenditure on digestion and absorption, number of enterprises with R&D activities. This shows that the development of regional intellectual property intensive industries has a short board，which does not match the R&D input and output, and provides some suggestions for improving the innovation efficiency of intellectual property intensive industries.