Recent years have witnessed a higher involvement of China’s publishing sector in international market. For the purpose of revealing the dominant factors influencing the international competitiveness of Chinese publishing industry, this paper conducts Gray Relational Analysis to identify certain factors that affect the international competitiveness of China’s publishing industry based on the comparison series and the reference series. The results of empirical analysis indicate that human capital as an advanced factor plays a leading role in the international competitiveness of Chinese publishing industry. Industrial competition obviously affects the scale of China’s publishing industry and its competitiveness. The demand for cultural consumption drives the upgrading of China’s publishing industry, and enhances its international competitiveness. The government’s support facilitates the enhancement of the international competitiveness of Chinese publishing industry. Finally, the author gives some policy suggestions from the perspective of cultural resources, broadening industry chain and governmental conducts.