Based on the dynamic panel data of listed companies in strategic emerging industries and 30 provinces ,regions and municipalities from 2010 to 2019, systematic GMM estimation model is used to test the impact of green consumption on total factor productivity of enterprises in strategic emerging industries and its mechanism. The results show that in general, green consumption can significantly improve the total factor productivity of enterprises in strategic emerging industries and promote their high-end development. The mediating effect model further verifies that green consumption can force technological innovation and guide factor allocation of enterprises through innovation compensation effect and Baumol effect, so as to promote the level of total factor productivity of enterprises in strategic emerging industries. There are certain regional differences in the promotion effect of green consumption on the total factor productivity of enterprises in strategic emerging industries. Therefore, it is conducive to accelerate the transformation and upgrading of green consumption and give full play to the innovation-leading and resource-guiding role of green consumption for the high-end development of strategic emerging industries.