In the new context of the digital economy, intellectual property protection has become an important means for enterprises to engage in independent innovation and improve market competitiveness. In view of this, this article used panel data from A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 and provincial-level data to test the impact and mechanism of intellectual property protection on enterprise digital innovation. The results show that: (1) Overall, intellectual property protection can promote enterprise digital innovation; (2) In terms of life cycle, the promotion effect of intellectual property protection on digital innovation is more significant in growing enterprises; (3) Mechanism analysis shows that intellectual property protection can promote enterprise digital innovation through two paths: reducing R&D spillovers and alleviating financing constraints; (4) Heterogeneity analysis shows that the promotion effect of intellectual property protection on digital innovation is more pronounced in growing service industry enterprises, high-tech enterprises, and private enterprises. The research expands the research perspective of digital innovation, provides theoretical reference for relevant management departments to formulate and improve intellectual property protection policies, and also provides guidance for enterprises to develop digital innovation.