Promoting digitalization-enabled green transition is crucial to high-quality development. Based on the resource-based view （RBV）， it utilized panel data of listed companies in China’s A-share heavy-polluting industries from 2011 to 2021， and constructed a moderated mediation model to explore the mechanism of digital transformation influencing green innovation from perspective of the supply chain. The results show that under the joint effect of “resource crowding” and “innovation synergy”， digitalization and green innovation have the U-shaped relationship. Mechanism tests show that digital transformation affects green innovation through supply chain collaboration， and this impact is indirectly moderated by the nature of enterprise ownership. State-owned enterprises have institutional advantages in supply-chain-collaboration-path， while non-state-owned enterprises have efficiency advantages in the process of transforming green innovation. Heterogeneity analysis indicates that the impact of digital transformation on green innovation exhibits heterogeneity across the enterprise life cycle and asymmetry between the upstream and downstream of the supply chain. The research findings not only provide a theoretical explanation for the digital transformation paradox， but also offer theoretical references for enterprises to explore high-quality development paths characterized by the synergy between digitization and greening.