Abstract: Based on the background of economic transformation and industrial upgrading, DEA-Malmquist index is used to calculate the operating efficiency of listed companies in China's non-ferrous metal industry from 2011 to 2019. And Tobit restricted model is used to test the relationship between economic policy uncertainty and operating efficiency. The research shows that the overall operating efficiency of the non-ferrous metal industry declined obviously from 2011 to 2019. The uncertainty of economic policy is negatively correlated with the operating efficiency of listed companies, and mainly inhibits the technological progress index. Further grouping regression results show that the uncertain economic policy aggravates the restraining effect on the operating efficiency of enterprises at the back end of industrial chain and with the nature of state-owned property rights. Therefore, the government should strengthen the continuity of policy promulgation, improve the transparency of information disclosure, and reduce the negative impact of uncertain economic policies by clarifying the allocation mechanism of government resources and improving the technological innovation capability of enterprises themselves.