There are many influencing factors related to enterprise innovation efficiency. In order to study the impact of equity pledge on enterprise innovation efficiency, this paper measures the innovation efficiency of all A-share listed companies in China from 2013 to 2020 based on BCC model, empirically analyzes the relationship between equity pledge of controlling shareholders and innovation efficiency of enterprises from the level of state-owned and non-state-owned, and the level of high-tech and non-high-tech enterprises. The results show that controlling shareholders’ equity pledge can inhibit the innovation efficiency of firms. In the case of equity pledge, non-state-owned enterprises will inhibit the innovation efficiency of enterprises. Similarly, the high-tech industry also inhibits the innovation efficiency of enterprises. In this sense, this paper expects to provide a theoretical reference for the researches on the relationship between equity pledge of controlling shareholders and enterprise innovation efficiency.