The return rate of education in junior high school and below is relatively low, and there is little difference among the three types of cities. This is because basic education has a strong positive externality, showing the characteristics that social returns are higher than personal benefits; Moreover, the labor force in this education stage can not fully obtain the wage effect brought by the "wage premium in big cities", which shows that the return on education is relatively low in all three types of cities; In addition, it also shows that the flow of educated labor among the three types of cities at this stage is relatively sufficient. 2) The rate of return on education at the stage of "senior high school or technical secondary school" has been significantly improved, with the highest rate of return in provincial capital cities. This may be because the education received at this stage is professional, and the rate of return shown by the internalization of educational income is obviously improved; The return rate of education at this stage is the highest in provincial capital cities, which may be caused by the high productivity of manufacturing industry in provincial capital cities on the one hand and the "shortage of technicians" in modern manufacturing industry on the other. 3) The rate of return on education at the stage of "junior college and above" has greatly increased, with the highest rate of return in municipalities directly under the Central Government. This shows that the rate of return on education in China is increasing marginally with the improvement of education stage. Due to the agglomeration effect of municipalities directly under the central government in the high-end tertiary industry, and the obstacles to the flow of labor factors such as household registration restrictions and graduate institutions are too high, the return on education in municipalities directly under the central government is the highest at this stage, and there is little difference between the other two types of cities. Fourthly, there are differences in the rate of return on education among cities at the same stage, which is the performance of economic inefficiency. If the labor force with the same education level moves from a city with low return rate to a city with high return rate, Pareto transformation will occur, thus improving the overall economic efficiency. Finally, according to the practical problems involved in the above research conclusions, this paper gives the following policy implications: 1) Continue to attach importance to basic education; 2) Continuously optimize urban industrial development; 3) Vigorously support vocational education and training; 4) Efforts should be made to eliminate the institutional obstacles of labor mobility; 5) Pay attention to controlling the cost of living in big cities.