In order to cope with severe environmental crises such as pollution and climate, the Chinese government has put forward the strategic goal of “double carbon” and vigorously developed green emerging industries such as cultural industry. Based on the super efficiency model and the input oriented Malmquist index model, this paper comprehensively measures the innovation efficiency of cultural industry, and selects the panel data of the Yangtze River economic belt from 2015 to 2021 for empirical analysis. In addition, the spatial econometric model is introduced to explore the driving factors affecting the innovation efficiency of cultural industry from the perspective of time and space. The results show that: (1) the overall innovation efficiency of the cultural industry in the Yangtze River economic belt is high, but there is significant spatial heterogeneity. (2) The average Malmquist index of the innovation efficiency of the cultural industry in the Yangtze River economic belt is 1.123, which reflects the continuous improvement of the level of industrial innovation. Environmental factors such as sulfur dioxide emissions in waste gas, investment in industrial pollution control, and per capita GDP have a significant impact on the innovation efficiency of cultural industry in the Yangtze River economic belt. Finally, the paper puts forward policy suggestions to promote the high-quality development of cultural industry from the perspective of technology, policy and environment.