This study takes 11 provinces and cities in the Yangtze River Economic Zone as the research object. It uses DEA-Malmquist method to construct a total factor productivity TFP estimation model for calculation and analysis. The paper uses a geographical distance spatial weight matrix to conduct an empirical study on the externalities of transportation infrastructure construction in the Yangtze River Economic Zone. The results show that from 2008 to 2017, the TFP of various parts of the Yangtze River Economic Belt has stabilized. The capacity for technological innovation needs to be strengthened. Regional transportation infrastructure construction has spatial externalities to surrounding areas, and most of them affect TFP through indirect utility.