In order to make clear the effect of scientific and technological innovation in promoting the transformation and upgrading of high energy consuming manufacturing industry in Jiangsu under the goal of “Double Carbon”, this paper selected the data of 40 satisfactory listed companies from 2009 to 2021, and decomposed the transformation and upgrading benefits of enterprises into environmental, economic and green innovation benefits for testing. The research shows that the scientific and technological innovation of the energy-consuming manufacturing industry in Jiangsu cannot produce good economic benefits, and the effect on the transformation and upgrading of enterprises shows obvious heterogeneity under different environmental regulation intensity and enterprise pollution degree. The improvement of enterprise management ability is conducive to enhancing the environmental and economic benefits of enterprises, but is not conducive to improving the green innovation benefits. Social and market focus on the environmental and green innovation benefits of traditional high energy consuming enterprises priority, then economic benefits.