The literature has two different perspectives on which innovation types should be implemented to achieve innovation performance; some argue that they should pursue process-oriented innovation, while others maintain that both product- and process-oriented innovation should be performed. Though innovation efficiency should be measured, which takes both input and output variables into account, the research so far has been measured only with the performance of the innovation. Accordingly, this study identifies which innovation type is the most advantageous in terms of innovation efficiency for the chemical firms. We use data of 64 Korean chemical companies from a 2016 Korean innovation survey and perform data envelopment analysis to calculate innovation efficiency. Kruskal−Wallis one-way ANOVA and bootstrap DEA were also conducted to compare the difference of innovation efficiency among groups, depending on which innovation types are oriented. The result shows that focusing on process innovation rather than both product and process innovation is more appropriate to achieve higher innovation efficiency, and pursuing process innovation rather than product innovation tends to achieve a higher level of innovation efficiency in the Korean chemical industry.