IoT technology originated from the third scientific and technological revolution, which refers to the connection of objects and networks through information sensor devices according to an agreed protocol. It communicates and circulates information through the information dissemination medium during the connection process to achieve smart recognition, supervision, and other functions. The Internet of Things is to interconnect all items with the Internet through radio frequency identification, infrared sensors, global positioning systems, laser scanners, and other sensing equipment according to the agreed communication protocol. It is a kind of network that realizes intelligent identification, positioning, analysis, monitoring, and management. The development of virtualization technology promotes the development of educational computers, and the reform of basic education curriculum promotes the profound reform of science education. It is also an inevitable requirement for cultivating talents with scientific culture and innovation ability. Virtual simulation technology is the product of combining simulation technology and virtual reality technology on the basis of the rapid development of information technology such as multimedia technology, virtual reality technology, and network communication technology. This paper is aimed at studying the construction of a virtual simulation college student innovation and entrepreneurship platform based on the IoT technology. This paper takes college students as the research object, and according to the application characteristics of local higher education institutions, establishes a systematic training platform for college students’ innovation ability to improve students’ innovation and entrepreneurship ability. This paper shows that the proportion of students’ innovative ability is as high as 56%, and the proportion of innovative activities organized by schools is as high as 70%. Students are generally not very motivated to innovate.