In order to study the development of regional recycling economy, the material inputs and outputs of the eco-economic system in Shandong Province during the period from 1996 to 2009 were systematically analyzed by the material flow analysis(MFA). The results show that, (1)excluding water, material inputs and outputs rose persistently, but both were lower than the rate of GDP growth. (2)Water supply had a turning point in 2003, from 25.239 billion tons down to 21.934 billion tons, followed by the total annual water supply has been maintained at 220 million tons. At the same time the amount of wastewater emissions is increasing, especially domestic wastewater emissions had faster growth and that increased pressure on the regional water environment;(3) Steady increase in material input intensity, material output intensity presented a first increased and then decreased trend, that showed since Shandong Province proposed the strategic planning to develop circular economy, the development of regional circular economy have improved the material utilization efficiency and made a material reduction in output in the case of material input growth achieved. The rapid increase of material input and output efficiency further illustrated the efficiency of resource comprehensive utilization and waste output have been significantly improved.