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Based on the Malmquist-DEA model and the DEA-BCC model, using the data of 53 industrial Internet-listed companies, the total factor productivity (TFP), technological progress (TC), and technical efficiency changes of the industrial Internet industry were measured from static and dynamic perspectives (EC), and used the coefficient of variation to further analyze the variance variables that measure the differences between enterprises in various subsectors in the industrial Internet industry. The study pointed out that the overall productivity level of the industrial Internet industry in 2015 to 2019 was low, and the fluctuation range was large, especially the sharp drop in productivity in 2016 to 2017, which had a serious impact on the entire industry. At the same time, changes in technical efficiency are the main reason for the decline in total factor productivity after 2015. Among various industries, the Malmquist indices of manufacturing and information transmission, software, and information technology services are all less than 1, and there is little difference in production efficiency and changes between the two. This study provides a reference for the productivity measurement of the industrial Internet industry based on the Malmquist-DEA model and provides practical inspiration for future management activities. [ABSTRACT FROM AUTHOR]