This paper selects the annual data of 16 Chinese listed banks from 2011 to 2020 to conduct an empirical analysis on the impact of digital finance on the banking systemic risk and its mechanism. The research shows that: (1)Digital finance has a promoting effect on banking systemic risks. Compared with the state-owned banking sector, digital finance promotes the systemic risk of the non-state-owned banking sector more vigorously. (2)Financial disintermediation, banking coexistence, bank risk-taking and loan agglomeration play multiple intermediary roles in the relationship between digital finance and banking systemic risk. Digital finance influences banking systemic risk by influencing financial disintermediation, banking coexistence, bank risk-taking and loan agglomeration. The transmission channels of “digital finance-financial disintermediation/banking coexistence/risk-taking/loan agglomeration-banking systemic risk” are all effective. (3) The improvement of urbanization level will intensify the promotion effect of digital finance on banking systemic risk, while the increase of domestic demand market size will weaken the promotion effect of digital finance on banking systemic risk. (4) Digital finance promotes banking systemic risk in the insurance and investment functional channels, and restrains banking systemic risk in the monetary fund functional channels, but has no effect on banking systemic risk in the payment, loan and credit functional channels.