How to take the new industrial green innovation development road has become an important practical problem. The development of qualified foreign institutional investors (QFII) has become an important choice due to the information asymmetry and agency problems between capital supply and demand in the process of green technology innovation. Based on the relevant data of China's A-share listed companies from 2010 to 2020, the impact path and mechanism of QFII shareholding on enterprises' green technology innovation was studied. The results show that QFII shareholding has a positive driving effect on enterprises' green technology innovation, and QFII shareholding significantly improves enterprises' green technology innovation level through enhancing social responsibility and improving environmental protection investment efficiency. Both restrictive and incentive environmental regulations can produce positive regulatory effects between QFII shareholding and green technology innovation. It opens up a new incentive mechanism for improving the green technology innovation ability of Chinese enterprises, and provides a certain theoretical and empirical basis for the reform of China's QFII system and the improvement of enterprises' innovation performance.