This paper applies eco-efficiency model and entropy weight TOPSIS to quantitatively analyze Shanghai’s resource, environmental and ecological efficiency during 2005-2014, with the result used to judge its economic mode, and employs obstacle mode to diagnose its obstacle factors. Ecological efficiency level had undergone a low-medium-high change during 2005 to 2014, showing a rising trend. Economic mode along an ABD path had undergone a traditional linear mode, end treatment mode and recycling mode. The top three key obstacle factors against eco-efficiency are overall emission of industrial gas waste (8.56%), industrial fumes emission (8.53%) and living electricity (8.30%).