The restructuring of state-owned key enterprises is the major theme to comply the state sector’s distribution and structure adjustment, and to enhance comprehensive national power. It is required for raising the core competitiveness of central enterprises and sustainable development. The restructuring of state-owned key enterprises drives the diversification. In this paper, an empirical analysis is given on relation between diversification and EVA in the state-owned key enterprises listed companies researching the effect of specialization ratio (sr), related ratio (rr) and EVA in 2007-2012.The empirical results show that the EVAs of related-diversification companies are the best, the ones of unification are the lowest, and RR is positively associated with EVA, while SR have an U relationship with EVA. In addition, the paper gives advices on restructuring state-owned key enterprises. The conclusions of this paper have great implications on improving state-owned key enterprises restructuring.