The two-step method of DEA and Tobit is used and the conversion efficiency of scientific and technological achievements in colleges and universities is taken as the output measurement index to evaluate the conversion efficiency of scientific and technological achievements of 24 universities in China and analyze the four major factors (human input, financial input, knowledge input and policy environment) and 9 sub factors affecting the conversion efficiency of scientific and technological achievements in colleges and universities. The achievements show that the internal R&D expenditure, development expenses on new products, investment in scientific and technological activities, full-time equivalent of R&D personnel, patent application quantity and scientific papers included in the three core journals exert a positive impact on the conversion efficiency of scientific and technological achievements in colleges and universities; the cumulative number of relevant policies issued in the region has a negative impact on the conversion efficiency of scientific and technological achievements in colleges and universities. In response to this result, this paper proposes some suggestions for improving the conversion efficiency of scientific and technological achievements in colleges and universities from the aspects of manpower, financial resources, knowledge and related policies.