The development of the packaging industry is highly related to resource utilization and environmental protection, and the technological innovation of packaging companies is directly related to the transformation and sustainable development of China,s packaging industry. Taking the data of 26 listed companies in the packaging industry from 2016 to 2020 as a sample, the comprehensive technical efficiency and Tobin,s Q value were used to measure the technical innovation and operating performance of listed companies in the packaging industry, and then the input-oriented BCC model in the DEA method was used to measure the comprehensive technical efficiency of listed companies in the packaging industry from 2016 to 2020. Based on the random effects model, the impact of technological innovation of listed companies on the packaging industry was empirically analyzed on their operating performance. The results show that the comprehensive technological innovation efficiency of listed companies in the packaging industry has shown a slow upward trend in recent years, but the overall level is still low. The correlation among the comprehensive technical efficiency in the current phase, lag phase 1 and lag phase 2, and Tobin,s Q value is uncertain, and the comprehensive technical efficiency of the lag phase 3 has a stable positive effect on Tobin,s Q value. This shows that the technological innovation of listed companies in the packaging industry has a significant lag in promoting the improvement of their operating performance. Therefore, relevant entities must focus on the long-term and take the initiative to implement policies.