In response to the national “double carbon” strategy, green innovation has become a key way for enterprises to develop with high quality. Taking the listed companies in China's A-share market from 2011 to 2022 as samples, the role of chain institutional investors in promoting green innovation activities of enterprises was analyzed. The results show that the participation of chain institutional investors can significantly promote the level of green innovation of enterprises. By reducing agency costs, the governance effect can promote green innovation of enterprises. For non-state-owned enterprises, enterprises in non-high-tech fields and enterprises in heavily polluting industries, the promotion role is more prominent.