The purpose of this study was to explore the cultivation of innovation and entrepreneurship of university students as well as its influence on talent training and cultural diversity. First, based on the combination of theoretical analysis and practical investigation, the entrepreneurship of college students and the basic situation of cultural diversity cultivation were discussed. The research objects involve students of different genders, grades, majors, and family backgrounds. Second, the reliability and validity of the scale were tested, and the survey data were analyzed after eliminating the invalid items. It is found that the average score of entrepreneurship of college students is 3.428; the score of innovation spirit dimension is 3.61, which is the highest in the dimensions; the score of forward-looking dimension is 3.25, which is the lowest; and the variance of leadership dimension is the lowest. The variance of the forward-looking dimension is the greatest. According to the analysis of the scores of different types of students, freshmen score lower in innovation dimension and challenge dimension, challenge spirit of female students is slightly higher than that of male students, and the leadership dimension score of science students is higher. Based on the survey results of cultural diversity training in colleges and universities, the average score is 3.343, the scores of course teaching and educational achievement are lower, and the score of cultural activity dimension is the highest. Liberal arts students have higher scores in cultural diversity, and senior students have low scores in cultural diversity cultivation due to the limited time. This study has been considered in a comprehensive manner. It provides a scientific theoretical basis for carrying out innovation and entrepreneurship education as well as cultural or nutritional activities in colleges and universities and thus has a significant practical value.