Human capital and government investment in science and technology are the key elements to enhance regional innovation. Based on endogenous economic growth theory, this paper constructs an economic model including final production, intermediate production, technology research, basic technology research and government. Under the assumption of maximizing the interests of various departments, according to the solution of balanced growth path, it is found that human capital and government science and technology investment are the core driving factors of regional innovation. Using the provincial panel data of China from 2008 to 2020, this paper establishes multiple regression and spatial Durbin model, and makes an empirical study on the theoretical model. The results show that: (1) Human capital and government science and technology investment have a significant positive effect on regional innovation, and human capital and government science and technology investment are competitive; (2) Regional innovation has a high spatial correlation. The innovation and development of a region can drive the innovation and development of adjacent regions; (3) Human capital has spatial spillover effect, regional innovation is also affected by the level of human capital in surrounding areas, while the spatial effect of government science and technology investment is not significant; (4) Human capital and government investment in science and technology have regional heterogeneity on regional innovation and development.