In the context of the digital economy, the cultivation and evaluation of college students’ innovation and entrepreneurship abilities have become key elements in promoting social and economic development. This article constructs an evaluation model for college students’ innovation and entrepreneurship abilities suitable for the era of digital economy, which is used to scientifically and systematically evaluate their innovation and entrepreneurship abilities, providing data support and decision-making references for higher education. Based on this, this article first summarizes the characteristics of the digital economy and its new requirements for college students’ innovation and entrepreneurship abilities, identifies the key characteristic elements of college students’ innovation and entrepreneurship abilities, and then designs a multi-dimensional and multi-level evaluation index system, and constructs a corresponding evaluation model. The effectiveness and reliability of the evaluation model were verified through questionnaire surveys and statistical analysis. The experimental results show that the model can accurately reflect the level of innovation and entrepreneurship ability of college students, providing a powerful tool for universities to carry out personalized and precise innovation and entrepreneurship education. This study not only enriches the theoretical system of evaluating innovation and entrepreneurship capabilities, but also provides practical guidance for universities to cultivate innovative and entrepreneurial talents in the context of the digital economy.