"Developing a new model of service-oriented manufacturing and promoting the high-quality development of manufacturing industry" is an important deployment made by the CPC Central Committee and the State Council. Taking Chinese manufacturing listed companies from 2011 to 2021 as the research sample, the impact of manufacturing servitization on corporate investment efficiency was empirically examined. It is found that manufacturing servitization can significantly improve the investment efficiency of enterprises, the main mechanism is that servitization helps to improve the organizational effectiveness of the company, alleviate over-investment, and improve the investment efficiency. Reducing organizational redundancy and improving asset management efficiency are important paths to improve investment efficiency. And the promotion effect of servitization on investment efficiency is more significant in enterprises with high level of corporate governance and enterprises in important industries and key areas related to national security and the lifeline of national economy. It provides new empirical evidence and theoretical explanations for the microeconomic effects of manufacturing servitization transformation, which is conducive to promoting manufacturing enterprises to further explore the value potential of servitization, and promoting the transformation and upgrading of China's manufacturing servitization to achieve high-quality development.