With the continuous progress of the times, innovation is the first driving force of development, and human capital is the carrier of innovation ability. Innovative human capital plays an important role in China’s economic development and enhancing its competitiveness. By selecting physical capital, labor input and innovative human capital input, and establishing an RBM-STI function model, the impact of innovative human capital on China’s economic development is calculated. The results show that innovative human capital has a significant role in promoting the contribution rate of economic development. And in the 2021-2022 stage, the growth rate of innovative human capital input and output is the largest, at 81.9%, while the growth rate of physical capital input and output is only 26.3%. It shows that although the role of physical capital in promoting economic development is not as obvious as that of innovative human capital, it is still the backbone of promoting economic development. The lowest contribution rate to economic growth in China’s provinces and cities is the labor input, which accounts for only 9.6% in the 2021-2022 period.