Based on the population change data of 2005–2009, 2010–2014, 2015–2019 and 2005–2019, the shrinking cities in Northeast China are determined to analyze their spatial distribution pattern. And the influencing factors and effects of shrinking cities in Northeast China are explored by using multiple linear regression method and random forest regression method. The results show that: 1) In space, the shrinking cities in Northeast China are mainly distributed in the “land edge” areas represented by Changbai Mountain, Sanjiang Plain, Xiaoxing’an Mountain and Daxing’an Mountain. In terms of time, the contraction center shows an obvious trend of moving northward, while the opposite expansion center shows a trend of moving southward, and the shrinking cities gather further; 2) in the study of influencing factors, the results of multiple linear regression and random forest regression show that socio-economic factors play a major role in the formation of shrinking cities; 3) the precision of random forest regression is higher than that of multiple linear regression. The results show that per capita GDP has the greatest impact on the contraction intensity, followed by the unemployment rate, science and education expenses and the average wage of on-the-job workers. Among the four influencing factors, only the unemployment rate promotes the contraction, and the other three influencing factors inhibit the formation of shrinking cities to various degrees.