Taking Chinese listed packaging companies as a research sample, a three-level evaluation index system is constructed including technological innovation input, technological innovation output, and technological innovation environmental support capabilities. Cluster analysis is used to classify companies into three categories: strong technological innovation capabilities, average technological innovation capabilities, and weak technological innovation capabilities. Entropy weight-TOPSIS and obstacle degree model are used to comprehensively evaluate the technological innovation capability of listed packaging companies. The research results show that the overall technological innovation capabilities of listed packaging companies in China are relatively low, and technological innovation output has the greatest impact on them. The main obstacles are concentrated in the number of patent applications and patent quality, which is reflected in the low ability to transform scientific and technological achievements. Finally, from the aspects of rational use of innovation input resources, perfecting the system for building innovative talents, strengthening the ability to transform scientific and technological innovation, and improving the ability to support the innovation environment, the countermeasures to improve the technological innovation capabilities of Chinese listed packaging companies are put forward.