The effect of government investment is widely and far-reaching. This paper uses economic efficiency，social equity，ecological environment and other comprehensive indicators of to measure. The results of the analysis are as follows：in terms of economic effect：The crowding-in effect of government investment on private investment is obvious；the trend of economic activity，balance of macro economy and optimization of economic structure is positive. On the macro level，the increase of GDP、fiscal revenue and residents’ income together with residents’income structure optimization，incremental capital output ratio shows that investment efficiency firstly increased and then decreased；investment stimulating employment effect shows a rapid downward trend. On the micro level，consumption and expenditure increase and structure is optimized，the percentage of retail sales of social consumer goods in GDP shows increasing trend，energyoutput has obviously positive effects and the growth of energy investment output and technology investment output. On social effect level：the improvement of personnel quality and the significantly increase of human capital，the rate of urbanization has slowed down year by year，the increase of health expenditure and the increase of urban area is larger than rural areas，and the average life expectancy has increased，the heritage industrytends to a better prospect and the output efficiency is obvious，good public security，tourism growth. On ecological environment level：the total area of afforestation increased by trend，the natural protection is generally stable，the effect of environmental governance increased obviously. Finally，the government investment policies suggestions are proposed in this paper，including：the size，direction and proportion of government investment should be planned and implemented differently according to the level of regional economic development，the government should reduce the investment proportion compatibly，the intervention of industrial policy gradually transit to the construction of market public information platform，the investment should be focused more on public service field based on the public attributesof government.