In recent years, each country has raised investment in educational capital (EC) to a strategic level, and continuously increased investment amounts and investment allocation in the EC field in order to promote sustained economic prosperity and development. However, the scientific and profitability of investment have been relatively low at a low the investment efficiency. In response to this problem, this paper, by innovatively using the DEA model method, deeply studies various factors affecting investment in EC, and builds a quantitative index system for the EC investment efficiency in higher education. The research results show that there exist different problems about the EC investment efficiency in higher education of the surveyed provinces in Northeast China, e.g., some are caused by insufficient investment scale, and some by unreasonable investment allocation. This conclusion provides effective practical guidance for improving investment income.