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The relationship of board female ratio and firm performance has become a hotspot in foreign researches and discussions, but there is no agreement until now. Based on this, our article studies the relationship of board female ratio and firm performance on the basis of the data from listed companies in China by empirical research. We select a sample of 1,348 listed companies’ financial statements from 2007 to 2009, and use Tobin’s Q as a measure of firm performance. In order to investigate the impact of board female ratio on firm performance, empirical research is applied, and total number of company executives, average age of company executives, board size and firm size are applied as control variables. Our findings indicate that there is no significant relationship between board female ratio and firm performance, and we have mentioned some possible factors at the end of the paper.