This paper aims to analyze the influencing factors of innovation and entrepreneurship of college students. By studying the framework of the TRIZ theory system, this paper summarizes the common principles of entrepreneurship, realizes the construction of a conflict matrix, establishes entrepreneurship evaluation indexes, and determines the weights of evaluation indexes by constructing a judgment matrix. Then, based on the theory, the influence of each factor on the innovation and entrepreneurship of college students is analyzed in terms of participation status, main obstacle factors, personal trait influence, market influence, and social and governmental support. As for the influence of main external factors, 43.57% of students chose “shortage of funds for innovation and entrepreneurship”, 42.04% of students chose “lack of creativity and cannot find a good direction for innovation and entrepreneurship”, 37.45% of students choose 37.45% of students chose “lack of good innovation and entrepreneurship projects and innovative teams”. In terms of personal traits, innovative thinking, stress resistance, social experience, leadership and coordination, risk tolerance, self-efficacy, and self-drive all affect the decision and effect of entrepreneurship. Support from the government and society is also beneficial for college students to carry out entrepreneurial activities. Innovative entrepreneurial ability is a comprehensive ability influenced by multiple factors and needs to be considered comprehensively in the analysis.