It’s an important way to realize the high-quality development for enterprises to promote the green transformation process and improve the performance. In view of the importance of taking the initiative to deal with the linkage of internal and external factors for enterprises. Based on the theory of dynamic capability, the paper tries to build the theoretical frame of the strategic flexibility and enterprise performance under the embedding of the dynamic environmental regulation ,on the basis of the discussing about the driving mechanism of the enterprises’ transformation development. It analyses and tests the mechanism and the boundary of the strategic flexibility on the enterprise performance and the differential intensities’ dynamic environmental regulations’ moderating effect between the strategic flexibility and enterprise performance. Under the current situation, the results show that both the proactive and reactive strategic flexibility have significant positive effects on enterprise performance, and the contribution degree of the reactive flexibility is higher; the interacting effect of the two types of strategic flexibility can also have significant positive effects on enterprise performance; it shows that the prediction of the change of the environment, the ability of the reaction and the rational coordination are important measures for enterprise green transformation. The general intensity dynamic environmental regulation don’t have a significant moderating effect in relationships between both the proactive and reactive strategic flexibility and enterprise performance; only the high-intensity dynamic environmental regulation has a significant negative moderating effect in the relationships between the reactive strategic flexibility and enterprise performance; it indicates that under the dynamic environment, the general intensity government regulation policy has no significant influence with the decision-making and innovation of the enterprise, and fully respects the enterprise independent development; meanwhile, according to the environmental change, the government should control the intensity of environmental regulation reasonably, and beware of causing additional burden to enterprises, which are dealing with environmental impact. On the basis of above research results, the paper puts forward several strategies, it concludes enterprises should strengthen the construction of the multiple strategic flexibility mechanism, and the government pays attention to effects of the guiding role of the environmental regulation policies,and finally realizes the goal of promoting the high-quality development coordinately by various stakeholders.