Prefabricated construction has been well recognized for its benefits, including accelerated construction cycle time and improved sustainability. However, low efficiency in the production of precast concrete components due to component and production complexity has not been sufficiently addressed in previous research. This paper explores the complexity of precast concrete components by establishing complexity indices and evaluating their influence on production efficiency. First, referring to research on product complexity in the machinery manufacturing industry, we define the complexity of precast concrete components in the construction industry. Then, based on a literature review, field studies, and expert interviews, we systematically construct the complexity indices of precast concrete components using the three-stage coding method, Grounded Theory. The overall complexity index system for precast concrete components constructed comprises 16 constituent complexity indices in three dimensions (i.e., structural complexity of the component, production complexity, and management complexity). The relationship between complexity indices and production efficiency is then explored using structural equation model analysis based on the data collected through a questionnaire survey. The results reveal that complexity indices have a significant impact on the production efficiency for precast concrete components, where the number of embedded parts, waiting time in production, operating proficiency of workers, and degree of automation of the production line are found to be the most influential complexity indices. This study provides a foundation upon which production managers improve production efficiency for precast concrete components based on an analysis of their product complexity.