Based on the data of A-share industrial listed companies from 2010 to 2017, matching with the environmental regulation data of 223 prefecture-level and above cities, this paper uses the panel fixed effects model to empirically test the effect and mechanism of environmental regulation on corporate wage levels. Results show that environmental regulations have increased the wage levels of industrial listed industrial companies in China, and have improved social welfare. Labor productivity has played an important intermediary role there into. Using humidity as an instrumental variable, the regression results are still robust. Furthermore, analyses based on the heterogeneity of the characteristics of cities and industries show that environmental regulations can promote the wage level of industrial enterprises in non-resource-based, high-level financial development and high-openness cities, as well as technology-intensive and low natural resource dependent industries more significantly. The impacts of environmental regulations on the wage levels of industrial enterprises show a clear bias towards low resources, high fund, high openness and high technology. This paper provides different ideas for China to achieve the goal of "win-win".