The development of green finance has injected fresh blood into green technology innovation and is a powerful engine of regional innovation. Based on the panel data of 31 provinces (autonomous regions and municipalities) in China from 2007 to 2021, the influence of green financial development on regional innovation and the moderating effect of government support on the relationship between them were explored. The research shows that the development of green finance can improve the regional innovation ability on the whole, but it does not significantly promote the original knowledge creation. Further research shows that the heterogeneous ways of government support have different lag effects, technological support can produce a positive moderating effect the fastest, while educational support and environmental protection support have a longer lag period, but their effects are more lasting.