Potential economic growth rate of Zhejiang Province from 1978 to 2015 was estimated in the paper. Periodic characteristics of economic development of Zhejiang Province were analyzed and the new normal stage has been coming after 2010 from the cycle analyses result. The economic growth efficiency of Zhejiang was conducted by DEA model and Malmquist productivity index. The results show that total factor productivity was about 33.3% and scale efficiency declined significantly. The efforts should be put forward to improve total factor productivity from technological innovation and resource allocation.