Corporate social responsibility (CSR), as companies’ commitment to the sustainable development of the whole society, is an important approach for construction companies to respond to the emerging social and environmental issues. As the improvement of CSR efficiency leads to the reduction of CSR cost, CSR efficiency is becoming increasingly prominent for construction companies. In this research, the three-stage data envelopment analysis (DEA) model is adopted to analyze the CSR efficiency of Chinese construction companies in the period of 2012–2016. The findings of this research are as follows: (1) the efficiency of the Chinese construction companies in fulfilling CSR has not yet reached an optimal level; (2) the effect of institutional factors on CSR efficiency is complex and non-linear; and (3) the improvement of the CSR efficiency in the Chinese construction industry relies on both optimizing the institutional environment and enhancing the management capacity of CSR efficiency. These findings can not only provide empirical evidence for the government to formulate targeted policy-making regarding marketization to promote construction companies’ efficient commitment of CSR, but also provide construction company managers a valuable reference to benchmarking the CSR efficiency to help them find self-improvement ways to improve CSR efficiency performance.