This paper focuses on how export product quality affects innovation, based on the matching data of trade between Chinese industrial enterprises and customs from 2000 to 2007, and the study finds that the improvement of export product quality of Chinese enterprises would significantly promote enterprise innovation by strengthening the positive effect of export and weakening the negative effect of export. After distinguishing ownership, it is found that compared with foreign-funded enterprises, the improvement of export product quality of state-owned and private enterprises has a greater promotion effect on innovation. After distinguishing export trade modes, it is found that the promotion effect of mixed trade export enterprises on innovation is smaller than that of pure general trade export enterprises. After distinguishing export destinations, it is found that compared with OECD and other countries, the improvement of export product quality of China’s enterprises in the the Belt and Road countries has a greater role in promoting innovation. This means that the improvement of the quality of export products is more significant for enterprise innovation than the increase of export quantity.