ESG is not only highly compatible with the requirements of China"s economic green transformation, but also the key to achieving the goal of "carbon peak and carbon neutrality". In this context, it is of great practical significance to explore whether good ESG performance can promote corporate innovation, which is of great practical significance to promoting the high-quality development of enterprises and the economy and society. Using the empirical data of China"s A-share non-financial listed companies from 2009 to 2020, this paper explores the impact of ESG performance on corporate innovation, and analyzes the impact of green finance reform on the relationship between the two. It is found that good ESG performance can significantly promote corporate innovation, and green finance reform can enhance the promotion effect of good ESG performance on corporate innovation. The mechanism test results show that good ESG performance can reduce financing costs, reduce financial risks and alleviate agency problems, thereby effectively promoting corporate innovation. The results of the heterogeneity test show that good ESG performance has a stronger effect on corporate innovation in enterprises with higher shareholding ratio, poor legal environment and low environmental sensitivity. Further research finds that good ESG performance can not only increase the innovation output of enterprises, but also optimize the innovation structure of private enterprises and improve the innovation efficiency of private enterprises. The economic consequences test results show that good ESG performance can enhance corporate value by promoting corporate innovation. The research conclusion reveals the specific effects and approaches of ESG performance-driven enterprise innovation, and provides empirical evidence and policy reference for China"s continuous promotion of ESG construction and the implementation of innovation-driven development strategies.