Based on data related to A-share non-financial listed companies in Shanghai and Shenzhen stock markets in China from 2007 to 2017 and combined with the macroeconomic uncertainty indices of 286 prefecture-level cities, a fixed-effects model has been applied to empirically test the impact and mechanism of macroeconomic uncertainty on technological innovation in enterprises. It has been found that macroeconomic uncertainty has a significant inhibitory effect on enterprises' technological innovation, which is mainly generated through the option waiting effect, the option incentive effect and the financial friction effect, and the option waiting effect playing a dominant role. Meanwhile, it restrains more in nonstate-owned enterprises, nonhigh-tech enterprises, and regional enterprises with a low degree of marketization.