By establishing an evaluation model of technological innovation resource allocation efficiency, DEA two-phase method and Malmquist index method are used to analyze the static and dynamic allocation of technological innovation resources of Hunan’ s equipment manufacturing industry during 2011—2016. The research shows that: the resource allocation efficiency of Hunan’ s equipment manufacturing industry is inefficient, indicating that there is a waste of resources and an uneconomic industry scale in Hunan’ s equipment manufacturing industry. The efficiency of innovation resource allocation in the transformation phase is higher 82 than that in the R&D phase. From a dynamic point of view, the resource allocation efficiency of technological innovation in Hunan’ s equipment manufacturing industry has increased to a certain extent, and the allocation efficiency of innovative technology resources in the transformation stage is higher than that in the R&D stage. On the basis of empirical analysis, we propose some suggestions for improving the resource allocation efficiency of Hunan’s equipment manufacturing technology innovation.