In recent years, with the intensified wave of mass entrepreneurship, the education field has gradually paid more attention to the cultivation of innovative and entrepreneurial talents. The cultivation of innovative and entrepreneurial ability is a very important ability for contemporary college students. Therefore, identifying and analyzing the innovation and entrepreneurship ability of college students provides a solid theoretical basis and practical guidance for evaluating the effectiveness of innovation and entrepreneurship teaching and comprehensively promoting the reform of innovation and entrepreneurship education in colleges and universities to a certain extent. Against the background of four new economies, this article conducts an in-depth discussion on the reform of innovation and entrepreneurship education. Firstly, it expounds the research status of innovation and entrepreneurship education in the context of the four new economies; secondly, it analyzes the influencing factors of liberal arts students' innovation and entrepreneurial ability against the background of four new economies construction; finally, based on the promotion of the identification results, it puts forward suggestions for the reform of innovation and entrepreneurship education for liberal arts students, in order to promote the effective improvement of college students' innovation and entrepreneurship ability.