Evaluating innovation and entrepreneurship ability measurement of college students is one of the critical areas of research on innovation ability cultivation in colleges and universities. In this study, based on the existing Bayesian knowledge tracking model, the parameter matrix of innovation and entrepreneurship knowledge point relationship is added to improve the standard knowledge tracking model. The CS-BKT model is proposed to provide college teachers with detailed mastery of students’ innovation and entrepreneurship knowledge. Then the corresponding state space is delineated according to the mastery situation, and the evaluation model of innovation and entrepreneurship ability measurement for college students based on polymorphic rewarded Markov chain is constructed. Combined with different transfer probabilities, the model operates on student data to measure students’ innovation and entrepreneurship ability. The results of the study showed that there was a significant difference between the acceptance and non-acceptance of innovation and entrepreneurship education in students’ innovation and entrepreneurship competence, and the level of innovation and entrepreneurship competence of students who had accepted it was 3.71, which was higher than that of students who had not taken it (3.53). There is a significant positive correlation between the social level of the place of origin, the individual level of entrepreneurial experience, and the rank of professional achievement and innovation and entrepreneurship ability, with p-values of 0.008, 0.003, and 0.001 respectively are less than 0.01. This study concludes the factors influencing the innovation and entrepreneurship ability of college students, which provides a reference value to the formation and development of the innovation and entrepreneurship ability of the students.