The study of innovation performance helps to complete the measure of development ability of venture enterprise for college students. The study builds models of Stochastic Frontier Analysis on innovation performance of college students’ venture enterprise by setting up Variable quantity and putting forward a hypothesis. This paper sampled 20 historical data about college students’ venture enterprise, employed statistic software to measure and analyzes and brought forward some strategies in developing innovation performance in the process of starting new work for college students. Conclusion is reached that the innovation performance of new venture enterprises generally promotes with the development of enterprises and that the innovation performance of different professions is influenced by such factors as scale, field and economy. Media enterprises, concerned about by college students, have better innovation performances but have bigger risk, machinery industry has worse innovation performance but more stable condition, light industry is between them.