The cultivation of college students' innovative and entrepreneurial ability has become a hot issue in the field of higher education. This study discusses the current situation and development needs of college students' innovation and entrepreneurship ability under the background of the internet era. This paper mainly uses the grey relational analysis model to systematically evaluate the innovation and entrepreneurship ability of college students. The results show that college students are rich in innovative ideas, but they face many challenges in the process of practice and transformation. Therefore, in terms of innovation and entrepreneurship, this study puts forward relevant suggestions for college students, as well as suggestions for colleges and families to support the cultivation of college students' innovation and entrepreneurship ability. This study can provide suggestions and guidance for cultivating a new generation of entrepreneurs with high quality social responsibility and strong innovation ability.