In view of an improvement of R&D efficiency of equipment manufacturing industry in Hunan Province, by establishing the efficiency evaluation model, DEA model and Malmquist index method have been used for the measurement and evaluation of R&D efficiency of seven sub-industries of equipment manufacturing industry in Hunan Province from 2011 to 2019. Based on the empirical analysis, it can be inferred that from the static analysis of DEA, a few sub-industries of equipment manufacturing industry in Hunan Province are DEA effective and with a serious waste of resources. From Malmquist dynamic analysis, TFP tends to fluctuate as a whole, without forming a continuous upward trend. On the basis of empirical analysis, some suggestions are put forward to give full play to the role of government, strengthen cooperation and attract high-level talents..