Abstract: Promoting the deep integration of the industrial chain and the innovation chain is a key path for cultivating new quality productive forces and achieving economic green transformation. This paper measures the collaborative level of the industrial chain and the innovation chain using the coupling coordination degree model, and then empirically examines its impact on enterprises' green innovation, the mechanism path, and heterogeneity. The research finds that the collaboration between the industrial chain and the innovation chain can significantly promote enterprises' green innovation; the mechanism analysis indicates that the collaboration between the industrial chain and the innovation chain mainly enhances the efficiency of enterprises' green innovation through three paths: alleviating financing constraints, promoting industrial structure upgrading, and accelerating digital transformation; the heterogeneity analysis further reveals that these effects are more significant in non-state-owned enterprises, enterprises with a lower coupling degree, enterprises located in the central and western regions, and enterprises with weaker market competition. The research conclusions can provide useful policy implications for consolidating the systematic foundation of enterprises' green innovation, constructing a multi-level and full-cycle green financial service system, promoting the deep integration of the green and digital upgrading of the industrial system, and enhancing the endogenous driving force of enterprises' green innovation.