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Innovation is the soul of a nation's progress and the inexhaustible motive force of a country's prosperity. This paper analyzes the status of technological innovation in Hubei province by constructing the evaluation index system of technological innovation and combining factor analysis. The result shows that the technological innovation of Hubei Province has improved significantly in recent years, but there is a gap between Hubei Province and economically developed provinces such as Guangdong, Jiangsu. The marketization of innovation achievements of Hubei Province is still in a relatively weak position. Therefore, the government should formulate and implement relevant policies to promote the introduction of technological innovation achievements and accelerate the transformation of technological innovation achievements.