This paper uses panel regression, GMM and instrumental variable regression to research and judge the impact of digital finance on the regional innovation ecology. The results show that digital finance can significantly promote the improvement of the regional innovation ecological level, and it can indirectly improve the regional innovation ecology by improving the development level of “Internet +” and adjusting government expenditures. The analysis of regional heterogeneity shows that there are significant regional differences in the innovation ecological spillover effects of digital finance. From the perspective of different innovation ecological elements, the spillover effects of digital finance innovation ecological are all significantly positive. Under effective financial supervision, digital finance has a certain driving effect on the regional innovation ecological level. We must accelerate the integration of the Internet and digital finance, increase financial innovation, strengthen the integration of traditional financial institutions and emerging technologies, accelerate the financial support of the green technology innovation system and improve the current financial supervision system.