In order to clarify the impact of environmental regulation on enterprise green technology innovation and its mechanism, from the perspective of the links and types of enterprise green technology innovation, this paper divides enterprise green technology innovation into two categories and seven sub categories of energy consumption technology innovation and management technology innovation, and classifies them in the links of production chain (source, process and end), by matching the Shanghai and Shenzhen A-share listed companies China Environmental Statistical Yearbook and China Industrial Economic Statistical Yearbook have obtained the indicators on environmental regulation and enterprise green technology innovation, and studied the choice of enterprise green technology innovation under the constraint of environmental regulation. The results show that: first, environmental regulation as a whole does not significantly promote enterprise green technology innovation, and the "innovation compensation" effect is difficult to establish; Second, the internal driving factor is that environmental regulation has significantly reduced the productivity and profitability of enterprises; Third, the external reason is that compared with enterprises in low pollution industries, environmental regulation plays a certain role in promoting green technology innovation of enterprises in high pollution industries, which is reflected in energy consumption technology innovation, management technology innovation, and distributed in the source, process and end of the production chain; Fourth, the external reasons also include the phased role of environmental regulation. Environmental regulation not only promotes and then inhibits individual green technology innovation indicators, but also affects the establishment of "innovation compensation" effect. Therefore, this paper provides some enlightenment for the incentive and choice of enterprise green technology innovation under the constraints of environmental policy.