Promoting the integration of the real economy and the digital economy is an important approach to drive the transformation and upgrading of the real economy and seize the commanding heights of international competition. The Integration of the real economy and the digital economy emphasizes "taking the real economy as the foundation and the digital economy as the support". Based on the real economy, comprehensive, all-angle and whole-chain transformation of traditional industries is carried out through digital technologies, which can promote profound changes in production modes and innovation modes. The realization of business value through enterprise innovation is the source of motivation for enterprises' sustainable innovation and the fundamental for creating a sound innovation ecological environment. In-depth research on the effect and mechanism of the integration of the real economy and the digital economy on the realization of business value through enterprise innovation is of great practical significance for promoting the high-quality development of the real economy, enhancing enterprises' core competitiveness and international discourse power at the current stage. The realization of business value through enterprise innovation was measured by the stochastic frontier model based on the idea of the innovation value chain. Chinese A-share listed companies from 2013 to 2023 were taken as the research objects, and the impact of the integration of the real economy and the digital economy on the realization of business value through enterprise innovation was empirically tested. The results show that the Integration of the real economy and the digital economy significantly promotes the realization of business value through enterprise innovation. Mechanism analysis shows that the integration of the real economy and the digital economy promotes the realization of business value through enterprise innovation by improving the utilization level of data elements, optimizing supply chain efficiency and enhancing agile responsiveness. Heterogeneity analysis finds that the promoting effect of the Integration of the real economy and the digital economy on the realization of business value through enterprise innovation is more significant in high-tech industries, regions with better intellectual property protection, higher level of digital infrastructure construction and better business environment. The above conclusions provide theoretical support and policy enlightenment for how to promote the realization of business value through enterprise innovation by the Integration of the real economy and the digital economy.