Taking the data of 14 commercial banks from 2004 to 2012 in China, using the panel Tobit model for empirical research, the results show that the relationship between stakeholders has significant influence on the X efficiency of commercial banks. The influence of business customer relationship and creditor relationship on the X efficiency of commercial banks is significantly positive, while the impact of shareholder relations, employee relations and supervision layer on the X efficiency of commercial banks is significantly negative.