Abstract: According to the characteristics of innovative small and medium enterprises, with the market environment as the starting point, this paper develops twenty three-level index systems for the evaluation of the financing ability of innovative small and medium enterprises. The paper works out the relative weight of each index by using analytic hierarchy process, and makes an empirical study on the relevant data of the annual reports in 2014 of twenty innovative small and medium enterprises from the Shenzhen Stock Exchange. The evaluation results show that the analytic hierarchy process can well be used to assess and classify the financing ability of innovative small and medium enterprises.