In order to explore the double effects of the input of tech-finance on the technological innovation performance of high-tech industry, this paper selects the panel data of tech-finance input and innovation performance of high-tech industry in 31 provinces and cities in China from 2010 to 2018. It adopts the random effects model and dynamic panel system GMM model for empirical research to discuss the direct and indirect effects of tech-finance on technological innovation of high-tech industry. The result shows that the government fiscal expenditure on science and technology, loan of science and technology, science and technology and human resources have direct effects on technological innovation. In addition, government fiscal expenditure on science indirectly promotes the high-tech industry to carry out technological innovation by improving the business conditions of enterprises.