This paper puts forward the concept of high-tech industry innovation speed, analyzes the interactive mechanism of innovation speed and efficiency of high-tech industry and carries out an empirical study. Using the panel data, it analyzes the function size and regular pattern of innovation speed to efficiency. By using the panel vector auto regressive model, it analyzes the interactive relationship between innovation speed and efficiency of high-tech industry. The research results show that the interactive relationship between innovation speed and efficiency of high-tech industry is positive. The speed of innovation increases by 1%, and the efficiency increases by 0.114%. In the short term, it is the most effective method to improve the enterprise's innovation speed. A U-curve appears between innovation speed and efficiency of high-tech industry. When the innovation speed is medium, the efficiency is the lowest. The elasticity coefficient of labor is greater than that of capital and innovation speed. The operation quality of high-tech industry in China needs to be improved.