Digital finance brings new opportunities to promote the construction of a water-saving society. Based on the data of 30 provinces in China from 2011 to 2019, the fixed effect model, mesomeric effect model and threshold model are used to empirically test the impact of digital finance on water use intensity. Research has shown that digital finance significantly reduces water intensity. Digital finance can indirectly reduce water intensity by promoting industrial structure upgrading and technological innovation level. The inhibitory effect of digital finance on water intensity has a single threshold effect of industrial structure upgrading and a double threshold effect of technological innovation level. Based on the conclusion, targeted suggestions are proposed: vigorously develop digital finance and promote the construction of a water-saving society; Reasonably optimize industrial structure and fully tap into water-saving potential; Continuously improve technological innovation and accelerate the improvement of water efficiency.