Abstract: As an important economic policy in China, how will the industrial policy affect the intensity and allocation efficiency of resources? To answer this question, this paper analyzed the allocation efficiency among-industries of dual factors, which are production factors and innovation factors. Based on the production and innovation data in “Eleventh Five-Year Plan” and “Twelfth Five-Year Plan” from 2006 to 2015, using double difference method, we got the following conclusions are: (1) The R&D factors misallocation among industries in China is more serious than the production factors misallocation. However, compared with the sustained mitigation trend of the R&D factors misallocation, the production factors misallocation has a rapid aggravation trend after 2011. Therefore, it is very important to conduct a comprehensive analysis to the dual factors allocation efficiency of the role of industrial policy. (2) Policy increased the input factors in policy-supporting industries, especially the innovation factors. Such support is more reflected in the state-owned sector, but to the non-state sector is not significant. (3) After dividing into two states which are excessive input and insufficient input, empirical analysis show that China's industrial policy mainly aggravated the excessive input, but did not alleviate the insufficiency of factors input.