Abstract: Environmental regulation, which is the sum of policies and measures to be implemented for the purpose of environmental protection, has a complex impact on green economic efficiency. At the same time, a reasonable environmental regulation level is an important way to promote green economic efficiency. In this paper, the super-efficiency model is used to measure the green economic efficiency of China, and the Moran’s Index is applied to measure the spatial correlation of green economic efficiency and the environmental regulation level in China. Furthermore, the Spatial Econometric Model is used to analyze the environmental regulation level and other related factors’ impact on green economic efficiency. The conclusions are as follows: (1) The green economic efficiency and environmental regulation level in eastern, central and western China show a fluctuating upward trend accompanied by significant spatial differences. However, the gaps of green economic efficiency and environmental regulation level among these regions would be reduced, showing a trend of convergence. (2) The level of green economy efficiency and environmental regulation shows spatial differences, and the difference in eastern region is more significant than central region, then western region. Over time, the spatial structure would be optimized and the regional differences would be converged. (3) The impact of environmental regulation on green economic efficiency is an inverted-U shape, and the influences in eastern, central and western regions are at different stages. Economic growth, industrial structure and scientific research have a significant positive effect on green economic efficiency, while the use of foreign capital has a significant negative correlation with green economic efficiency.