By using the theoretical model and practical data analysis, the relationship between Shandong province's human capital and economic growth was researched systematically. The results indicate that the current public education system has simulative effect on human capital accumulation and economic growth; material capital and opening up is helpful for the talent aggregation and flow, promoting human capital accumulation, which is conducive to economic growth; Fiscal decentralization is conducive to economic growth and human capital accumulation; excessive financial burden has the opposite effect. Finally, the suggestion of accumulating of human capital and promoting economic growth was given from the perspective of the government.