Due to a lack of resources for innovation and entrepreneurship education at Chinese universities during the era of multidimensional subjects engaging in this type of education, the effectiveness of resource allocation is of great importance. In order to conduct an empirical study on the effectiveness of resource allocation for innovation and entrepreneurship education in Chinese universities and the factors that influence it, this paper uses the data envelopment analysis (DEA) approach and uses 147 universities as examples. The findings indicate that while the five-in-one innovation and entrepreneurship education model may more effectively integrate resources from all parties, there is still potential for improvement in the efficiency of resource allocation for this field. There is a significant difference between the allocation efficiency of innovation and entrepreneurship education resources in several universities and people's simple assumptions about their levels, attributes or spatial distribution. The input of university resources, students' resources and platform resources positively affect the efficiency of innovation and entrepreneurship education. The impact of government resources and intermediary resources is negative. The effectiveness of innovation and entrepreneurship education in Chinese universities is impacted by several environmental conditions. At the end of the article, it proposes the optimal allocation strategy of innovation and entrepreneurship education resources from the perspectives of the country and universities, among others.