As one of the main costs of industrial processes, energy consumption is an essential issue that cannot be ignored in the sustainable development of enterprises. Effective energy efficiency evaluation is important, but also challenging.The conventional method typically uses statistic standard for evaluation. However, infected by the market, the raw materials of an industrial process often fluctuate, which will affect the evaluation standard of energy efficiency. Taking this into account will improve the evaluation performance. To this end, a realtime dynamic energy efficiency evaluation and analysis method based on multi-objective state transition algorithm with reference vector (RV-MOSTA) is proposed to address the energy efficiency evaluation problem. The core of the paper is to realize the dynamic energy efficiency evaluation of multiple indicators considering inlet conditions of industrial processes. Therefore, a systematic set of special indicators are firstly developed for the energy efficiency evaluation. Then, RV-MOSTA is proposed to determine the evaluation standard, which considers the influence of imported inlet conditions and the optimization of multiple evaluation indicators. Furthermore, a degeneration diagnosis method by means of linear discriminant analysis (LDA) can identify the key variables that lead to energy efficiency degeneration. The proposed method is verified through numerical example and an industrial hydrocracking process.