Abstract: In order to research the real relationship between the residents’ consumption, investment and economic growth in Zhejiang, this paper took consumer demand and investment as the explanatory indexes of economic growth, and the three indexes were tested by using VAR model based on the times series data from1990 to 2012. The result showed the impact of investment on import turned to the negative impact from the positive impact, the effect trends of the impact was from weak to strong, and they had a longer duration; the consumer demand had a positive impact on economic growth in Zhejiang, the effect of the impact was stable and stimulative. Based on the analysis, policy suggestions were put forward to promote the consumer demand and optimize investment structure.