To increase the capacity and production of the petroleum and petrochemical industries, it is helpful to investigate the features of industry-university-research collaborative innovation networks. Using the DEA model as a research object, listed companies in China’s petroleum and petrochemical industries are assessed for their innovation output, Moreover, we examined the structural holes in a Co-innovation network between industry and university. We have also assessed the network’s density, the strength of its connections, and the quality of its links. The strength of network relationships was negatively correlated with innovation output, but network density was positively correlated with structural holes. As a result of the research, relevant policy recommendations are made, including actively building industry-university-research collaborative innovation platforms, improving the depth and breadth of collaboration between innovation entities within the industry-university-research network, by connecting industry and universities to collaborate on innovative projects, petroleum and petrochemical companies can better compete.