The objective of the study is to test and analyze: first, the influence of public investment toward economic growth; second, the influence of public investment toward society welfare; third, the influence of private investment toward economic growth; fourth, the influence of private invsetment toward society welfare; fifth, the influence of economic growth toward society welfare in Maluku Province. The Analysis method used is this study is path analysis by using SPSS program package. The secondary data used are panel data, which is the combination of data from 2005 until 2008 and cross data including 7 districts and 1 municipality in Maluku Province. The study generates conclusions that: first, public investment has a significant influences toward economic growth and has positive relationship direction. Second, public investment has a significant influences toward society welfare. Third, private investment has a significant influences toward economic growth and has positive relationship direction. Fourth, private investment has a significant influence toward society welfare and has positive relationship direction. Fifth, economic growth significantly influences society welfare and has positive relationship direction. Than, the dominant variable which effect society welfare is public investment, while the smallest contibution effect toward welfare growth is private investment.