This paper uses China’s 2000~2014 manufacturing cross-border M&A data to conduct an empirical study on the role of reverse technology spillovers of cross-border M&A in promoting the upgrading of global value chains at the industry and country levels. The study finds that, both at the industry level and the country level, cross-border mergers and acquisitions in developed countries have a significant promotion effect on China’s upgrade in the global value chain. Among them, total factor productivity is the transmission medium of its influence, which has a significant impact on the global value chain. Upgrading has a facilitating effect. In addition, this paper conducts a sub-sample study based on the high and low technology level of the industry and the status in the global value chain, and finds that high-tech industries and higher value chain status M&A destination countries are more helpful to enhance the positive trend of cross-border mergers and acquisitions in the global value chain upgrade.