The importance of energy consumption and supply has led the government to give more attention and support to energy companies 'technological innovation. There is a greater risk in the operation of energy companies, so that the impact of energy companies' technological innovation capabilities on financial performance is certain. Taking China's energy companies' 2013-2018 technology innovation input and output capacity indicators as sample data, using factor analysis and dynamic panel threshold effect models, on the basis of evaluating energy company's technology innovation capabilities, the energy company's technology innovation inputs and The impact of output capacity on financial performance and the threshold effect of enterprise size. The results of the study show that there is a significant threshold effect on the impact of technological innovation input and comprehensive capabilities of energy companies on financial performance, while the performance of output capabilities is not significant. The results of the study can provide a reference for the technology policy formulation and innovation investment decisions of the country and energy companies.