In general investment efficiency of investment & financing of environmental protection is valued by means of economic，society and environmental protection.Investment efficiency of investment & financing of environmental protection in China is also closely related to the region'seconomic development，financial deepening degrees， investors' ideas and behavior choices.This paper analyses and measures the investment efficiency of investment & financing of environmental protection from output results of environmental protection investment，such as the environmental benefi ts，the economic benefits of investment and the benefits of social benefits from operation.