Based on the innovation value chain theory, this paper conducts a fixed-effect regression analysis on the panel data of 37 Chinese industrial sub-sectors from 2007 to 2019, and empirically tests the impact mechanism and effect of technological mergers and acquisitions on industry innovation, and the moderating role of information technology empowerment in it. The empirical results show that technology mergers and acquisitions, as an important way of introducing external resources in the industry innovation value chain, have a significant role in promoting industry innovation performance, and technology innovation performance plays a mediating role between the two; information technology empowerment is positively moderating the direct relationship between technology M As and industry innovation performance in the innovation value chain and the second half of the mediation process. The research results expand the research on the innovation value chain from the perspective of industry level and external technology introduction, and provide empirical evidence for driving quality industry growth through technology acquisitions and information technology empowerment