In this study, a loader drive axle digital model was built using 3D commercial software. On the basis of this model, the transmission efficiency of the main reducing gear, the differential planetary mechanism, and the wheel planetary reducing gear of the loader drive axle were studied. The functional relationship of the transmission efficiency of the loader drive axle was obtained, including multiple factors: the mesh friction coefficient, the mesh power loss coefficient, the normal pressure angle, the helix angle, the offset amount, the speed ratio, the gear ratio, and the characteristic parameters. This revealed the influence law of the loader drive axle by the mesh friction coefficient, mesh power loss coefficient, and speed ratio. The research results showed that the transmission efficiency of the loader drive axle increased with the speed ratio, decreased when the mesh friction coefficient and the mesh power loss coefficient increased, and that there was a greater influence difference on the transmission efficiency of the loader drive axle.