Based on the theoretical analysis of venture capital and regional innovation, the impact of venture capital on regional innovation ability was empirically analyzed by using the panel data of venture capital and regional innovation in 30 provinces（due to the lack of data, the statistical data mentioned here do not include the Tibet Autonomous Region, the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan Province）from 2011 to 2021, and the moderating effect of regional institutional environment was discussed. The results show that venture capital can significantly promote regional innovation capability. In addition, the regional institutional environment also plays a moderating effect to a certain extent. Further analysis shows that there is regional heterogeneity and temporal heterogeneity in venture capital on regional innovation capacity, and it is more significant in the eastern region and before the outbreak of the new crown epidemic.