Abstract: It’s very important to evaluate efficiency of health investment scientifically for building the Healthy China. The method of DEA was used to measure the efficiency of health investment in 59 countries from 1997 to 2015. On the basis, the development pattern of the world was portrayed, and the result showed the development status and development law of the efficiency of health investment in China. After that, panel Tobit model was used to find the social and economic factors those affect the efficiency. The results firstly show that the pure technical efficiency of health investment of China is low, and the scale efficiency gets middling rankings. The interaction between them leads to a low level of comprehensive technology efficiency. The development speed of comprehensive technology efficiency is low. Secondly, the scale efficiency of China presents a U-shaped curve relative to the pure technical efficiency. Thirdly, innovation capacity, service industry productivity, income gap, natural environment quality and population affect the efficiency of health investment.