Abstract: Under the background of digital economy, the digital transformation of agriculture-related enterprises has become the key to promote the upgrading of the agricultural industry, and it is an important breakthrough point for agriculture-related enterprises to seek industrial transformation and innovation and change. In this regard, taking the A-share listed companies in China as a sample from 2013 to 2022, the mechanism of the impact of digital transformation on the innovation level of agriculture-related enterprises is examined. It is found that the digital transformation of agriculture-related enterprises has a positive role in promoting corporate innovation; in the digital transformation of agriculture-related enterprises to improve the level of innovation, government subsidies have a positive incentive role, i.e., government subsidies have a significant positive moderating effect between enterprise digitization and corporate innovation; the digital transformation of agriculture-related enterprises has a positive role in promoting the patent output of the company; compared with state-owned agriculture-related enterprises, the digital transformation positively affects the intensity of innovation of non-state-owned enterprises more strongly; and digital transformation positively affects the intensity of innovation of young enterprises more strongly compared to agribusiness-related enterprises with older enterprises. Based on the above findings, relevant policy recommendations are proposed.