Under the background of innovation and entrepreneurship (IE) driving economic development and transformation, it is of great significance to cultivate talents who dare to innovate and have the ability to IE. By stimulating IE potential of college students and improving their willingness to IE and on the basis of understanding the current situation of college students' IE, we explore the relevant factors affecting the willingness of college students to innovate and start a business. From two aspects of internal and external factors, this paper divides the modules that affect IE intention of college students into individual characteristics, self-awareness, school education, and environmental factors. Then, we use the analytic hierarchy process (AHP) to calculate the weight value of each influencing factor so as to determine and analyze the key influencing factors. Finally, according to the existing problems of college students’ IE, we put forward countermeasures and suggestions to improve IE willingness of college students from the perspectives of school education and government policy.