Using data from listed manufacturing companies from 2010?2020， the paper examines the impact and mechanisms of digital transformation in manufacturing on the sustainability of corporate innovation. It shows that the digital transformation of manufacturing industry has a significant role in promoting corporate innovation sustainability； that the implementation of high?level ESG of enterprises has a regulatory effect on innovation sustainability； that the scale of enterprises determines their risk tolerance， thus affecting the role of digital transformation in promoting their innovation sustainability； that the nature of property rights， industries and regions have been differently affected by this role. Accordingly it is necessary to formulate differentiated strategies to achieve innovation sustainability for manufacturing enterprises with different property rights in different industries and regions.