Abstract: Does industrial collaborative agglomeration become an important carrier to optimize the allocation of manufacturing innovation resources and promote the development of industrial innovation? To this end, based on the panel data of 2013-2018, the DEA-Malmquist index method was used to measure the manufacturing innovation efficiency in 11 provinces of the Yangtze River Economic Belt, and the panel two-way fixed effect model was adopted to explore the collaborative agglomeration of the financial industry and the manufacturing industry（called collaborative agglomeration of the two industries） on the impact of the manufacturing innovation efficiency in the Yangtze River Economic Belt.The research results show that the synergistic agglomeration of the two industries affects different innovation efficiency indexes in the manufacturing industry, and the synergistic agglomeration of the two industries shows a positive correlation with the technological progress index, and a negative correlation with the technological efficiency index.Further decomposition of the technology efficiency index shows that the coordinated agglomeration of the two industries can effectively promote the improvement of pure technology efficiency in the manufacturing industry, but it is not conducive to the improvement of scale efficiency.The further enlightenment is that the financial industry and the manufacturing industry should be actively guided to give full play to the positive role of the industrial collaborative agglomeration in the innovation efficiency of the manufacturing industry, improve the ability of the financial industry to serve the manufacturing industry, and improve the efficiency of financial resource allocation.