The Chinese economy has entered transformation and upgrading cycle of high‐quality development. The cycle of economic transition is the internal driving force for mergers and acquisitions（M&A）and reorganization，and it is also a high‐incidence season of M&A. Based on the panel data of China’s listed manufacturing companies from 2013 to 2017，empirical analysis shows the impact of technological M&A on the sustainability of enterprise innovation from the perspective of output and input by constructing fixed effect and GMM measurement models. The research shows that：（1）There is sustainability in the innovation of domestic listed manufacturing companies. Enterprises pay more attention to the sustainability of innovation input，but the innovation output of enterprises fluctuates continuously and some enterprises fail to achieve growth.（2）Technology M&A has a significant positive impact on the sustainability of enterprise innovation. Absorptive capacity plays an active intermediary role between technological M&A and innovation output sustainability and input sustainability. Utilization capabilities only play an active intermediary role between technology M&A and the sustainability of innovation investment.（3）The mediating effect of absorptive capacity and utilization capacity of large enterprises is more significant. Therefore，while improving the sustainability of enterprise innovation through technological M&A，enterprises should also pay attention to the improvement of their knowledge absorption and utilization capabilities，so as to ensure the effectiveness of technological M&A and improve the sustainability of enterprise innovation.