Economic growth is a dynamic category which reflects the changing direction and degree of the scale of social and economic activities. It is closely related to the innovation investment and industrial structure in a country. Based on the improved Cobb-Douglas production function, this author uses LA VAR econometric model to analyze the relationship between innovation input, industrial structure and economic growth, and conducts an empirical analysis of the panel data for 31 provinces, autonomous regions, and municipalities in China from 2007 to 2016. The empirical results show that there is a two-way Granger causality between innovation investment, industrial structure and economic growth, there is a one-way Granger causality between innovation input and industrial structure, and innovation input is the Granger cause of industrial structure.