This paper applied the social information processing theory to explore the double-edged sword effect of inclusive leadership in the field of innovation. A sample of 375 employees was used to analyze the data. The results showed that: (1) inclusive leadership has a positive impact on the bootleg innovation behavior which is beneficial to innovation, and also has a positive impact on the knowledge hiding behavior which is unfavorable to innovation; (2) Perceived acceptability of norm violation mediated the influence of inclusive leadership on bootleg innovation and knowledge hiding; (3) Moreover, the results showed that proactive personality reinforced the positive relationship between inclusive leadership and bootleg innovation, as well as the positive indirect effect of inclusive leadership on bootleg innovation through perceived acceptability of norm violation. However, the moderating effect of proactive personality was not observed when testing the indirect effects of inclusive leadership on knowledge hiding.