Abstract:This study builds a vector autoregressive model (VAR) with reference to relevant theories. Taking the sample data of Guangdong from 2001 to 2020 as the analysis object, this study conducts an empirical study on the relationship between science and technology investment and economic growth. According to the analysis procedure of VAR model, four indicators used to characterize scientific and technological investment and economic growth were selected in this study to pass the stability test and cointegration test, and a long-term and stable VAR model relationship was built between scientific and technological investment and economic growth. The results of impulse response and variance decomposition further indicate that Guangdong""s S&T investment on the whole has a positive role in promoting regional economic growth and its contribution is increasing year by year. The contribution of economic growth to S&T investment is greater than that of S&T investment to economic growth. Based on the above analysis, and considering the reality of Guangdong, this study believes that the balance between scientific and technological investment should be maintained in the future. Therefore, three countermeasures and suggestions are proposed, including steadily increasing the scale of scientific and technological investment, strengthening the training of scientific and technological personnel, and introducing, promoting the creation and transformation of scientific and technological achievements.