The efficiency of rural commercial banks has an important impact on the degree of matching financial supply and demand in rural areas and the stability of the rural financial environment,and the impact of the development of Internet finance on the efficiency of rural commercial banks can no longer be ignored. Based on the data of 273 rural commercial banks from 2013 to 2020,the cost efficiency and profit efficiency of rural commercial banks were measured using stochastic frontier analysis (SFA),while the Internet finance index(RIFI) was constructed using text mining method. On this basis,a dynamic GMM model is used to verify the impact of Internet finance development on cost efficiency and profit efficiency of rural commercial banks,and its mechanism of action is investigated with the help of a multiple mediating effects model. The conclusions show that the development of Internet finance reduces the cost efficiency and profit efficiency of rural commercial banks. In terms of the mechanism of action,the impact of Internet finance on cost efficiency and profit efficiency of rural commercial banks has partial intermediation effect with 80.51% of the overall impact of Internet finance on cost efficiency through the indirect channel of deteriorating deposit structure and 61.11% of the overall impact of Internet finance on profit efficiency through the indirect channel of narrowing profit sources.