In the context of “carbon peaking and carbon neutrality” goals, promoting the digital and green transformation of enterprises is of paramount importance for achieving high-quality economic development in China. The relationship between enterprise digital and green transformation and enterprise innovation has become an important topic of concern in both theoretical and practical circles. Based on the sample of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021, this paper empirically studies the driving effect of enterprise digital and green transformation on enterprise innovation. It is found that both digital and green transformation can significantly promote enterprise innovation, and the two have a significant positive synergistic effect on enterprise innovation, which is sustainable; through heterogeneity analysis, it is found that the independent effects of digital and green transformation on enterprise innovation are more significant in large-scale enterprises and state-owned enterprises, while the positive synergistic effect of digital and green transformation on enterprise innovation is more significant in large-scale enterprises and non-state-owned enterprises. Based on this, it is suggested that the Chinese government should create a favorable internal and external environment, forming a digital and green transformation ecology with policy guidance, social support, enterprise investment, and mutual learning; enterprises should fully recognize the positive role of digital and green transformation, as well as their coordinated development, and seize the development opportunities of digital and green transformation.