This paper takes 30 provinces and municipalities in China from 2006 to 2016 as research samples, comprehensively uses the spatial Dubin model and panel threshold model to investigate the spatial effect of green finance on the total factor productivity (TFP) of enterprises, and analyzes the intermediary mechanism. The main conclusions are as follows: (1) Green finance has a significant promotion effect and space spillover effect on TFP of enterprises.(2) In terms of impact mechanism, the relationship between green finance and TFP has been affected by the intermediary influence of industrial structure adjustment, technological innovation and development, regional economic development level and urbanization level, and there are obvious threshold effects. Among them, the improvement of industrial structure and technological innovation can effectively promote the driving effect of green finance on TFP, and the level of economic development between the two gradually weakens, and the impact of urbanization on the two is U-shaped. The research conclusions in this article provide important directional references for advancing the green transformation and upgrading of enterprises, improving the strategic goals of total factor productivity, and improving the green financial system.