Technological innovation of new energy industry plays an important role in accelerating China's structural transformation and improving its comprehensive national power, making the government give it more attention and support. In this paper, relevant panel data of the new energy industry from 2010‐2020 are selected for compilation and analysis, and the mediating effect model is used to study the influence of technological innovation on sustainable development of new energy enterprises and government subsidies, as well as the mediating effect of government subsidies, respectively. The empirical results show that :(1) The density of technical personnel and the level of technical patents are significantly positively correlated with the sustainable development of new energy enterprises ;(2) R&D investment intensity and technical patent level are significantly positively correlated with government subsidies ;(3) The level of government subsidies has mediating effect between R&D investment intensity and sustainable development of new energy enterprises, and between the level of technical patents and sustainable development of new energy enterprises.