Improving total factors productivity is an essential part of promoting high-quality development. This paper uses sample data of listed companies in Shanghai and Shenzhen A-share market from 2010 to 2020 to analyze the impact and mechanism of internal control and cost stickiness on enterprises' total factor productivity. The results indicate that effective internal control can significantly increase enterprises' total factor productivity, and cost stickiness plays a partial intermediary role. Compared with non-state-owned enterprises, the internal control of state-owned ones contributes more notably to total factors productivity, but the mediating effect of cost stickiness tends to be weaken. High level external governance is conducive to leveraging the role of internal control in enhancing enterprises' total factor productivity. Hence, to strive to improve enterprises' total factor productivity, such efforts as refining enterprises' internal control system, focusing on cost management and improving the external governance environment are expected to be continuously made.