By compiling the quantity index of capital services and the index of labor input, we use growth accounting method, impulse response function and variance decomposition to empirically test the interaction between industrial restructuring and total factor productivity growth with the sample of sequence data from 1979 to 2013. The results show that the process of TFP growth birthed by industrial restructuring is relatively slow, having a long lag period.While the impact on industrial restructuring by TFP is very rapid, which is timeliness significant.The speed and direction of industrial restructuring approximately contributes 6.67% and 2.91% to TFP volatility; Conversely, the contribution of TFP to industrial restructuring speed and industrial restructuring direction are 1.18% and 10.65% approximately. In addition, the conclusion that there is a two-way causal relationship between TFP and industrial restructuring is also worthy of attention.