This paper takes the implementation of accelerated depreciation policy for fixed assets as a quasi-natural experiment to study the impact of structural tax reduction policy on the enterprise total factor productivity (TFP). First, an investment decision model for micro-subjects is built to analyze the mechanism of the accelerated depreciation policy. Then, on the basis of accounting data of listed manufacturing enterprises and information transmission, software and information technology service enterprises from 2011 to 2017, a multi-period difference in differences model (DID) is employed to examine the impact of accelerated depreciation policy, one of the structural tax reduction policies, on the enterprise TFP. The results show that the accelerated depreciation policy has improved the TFP of the pilot enterprises. Such an effect is mainly achieved by directly promoting enterprises to increase research and development investment. And private enterprises, large enterprises as well as enterprises in infant, developing and mature stage benefit more from this path. What’t more, easing financial constraints is not able to improve the TFP of the pilot enterprises by promoting enterprises to increase research and development investment.