Abstract: The entrepreneurship education in university has developed prosperously in recent years, on the contrary, the proportion of college graduates′ independent entrepreneurship has continued to decline. This phenomenon leads us to consider whether the entrepreneurship education in university can bring expected social benefits. Based on the provincial panel data from 2015 to 2020 and the dual perspectives of internal and external entrepreneurship, this study uses empirical methods to explore the effect of university entrepreneurship education on regional entrepreneurship level. It is found that university entrepreneurship education plays a robust role in promoting regional external and internal entrepreneurship. However, for external entrepreneurship, the impact of entrepreneurship education in universities shows obvious industrial heterogeneity. At the same time, the role of entrepreneurship education in universities has significant spatial heterogeneity and time lag characteristics. Therefore, in the future, we should further expand the connotation of entrepreneurship education in colleges and universities, establish an evaluation system that pays equal attention to both internal and external entrepreneurship, strengthen the policy guidance for the graduates′ entrepreneurship industry, stimulate the entrepreneurial enthusiasm guided by scientific and technological innovation, encourage college graduates to adopt differentiated regional entrepreneurship strategies to improve the success rate of entrepreneurship, extend the "protection period" for college graduates to start businesses, and improve the tracking and assistance mechanism for starting businesses.