Abstract: The green finance reform and innovation pilot zone policy has been steadily implemented in the pilot areas, effectively helping China to build a solid and diversified green financial system, and providing a solid financial support and guarantee for Chinese path to modernization. Based on the 2011-2021 Chinese A-share data, a time-varying DID model was used to evaluate the policy effectiveness of the green finance reform and innovation pilot zone. Empirical research found that: (1) the construction of the green finance reform and innovation pilot zone significantly promotes local enterprises' green innovation, and compared to clean enterprises, heavily polluting enterprises did not produce more green innovation achievements. (2) Enterprises located in industrial upgrading and resource development pilot zones, state-owned enterprises, and those with good cash flow conditions receive stronger incentives for green innovation, and their innovation activities mainly focus on substantive green innovation. (3) The construction of the green finance reform and innovation pilot zone aims to alleviate financing constraints and optimize debt structure for enterprises, thereby stimulating their green innovation drive. Further research has found that the promotion effect of the construction of green finance reform and innovation pilot zones on enterprise green innovation stems from the reallocation effect of internal innovation resources. This article provides important empirical evidence for continuously promoting the construction of green finance reform and innovation pilot zones, and achieving modern development of harmonious coexistence between humans and nature.