Based on the current situation of industrial pollution in China, the panel data was collected in 35 sub-sectors of industry from 2008 to 2016. The panel data model was established. According to the degree of pollution, the paper divides 35 industries into pollution-intensive and clean-production types. Study the impact of environmental regulation intensity on performance in pollution-intensive industries and production-cleaning industries. Furthermore, combined with innovation management, this paper study the mediating role of product innovation and process innovation in this process. The results show that the intensity of environmental regulation has a depressing effect on both pollution-intensive and clean-production industry performance. In pollution-intensive industries, product innovation and process innovation play an important intermediary role, in which the mediating effect of product innovation is greater than process innovation. In the clean-production industry, product innovation and process innovation play a full intermediary role.