Based on the data of Chinese industrial enterprises and customs, this paper empirically examines the impact of product quality on the markups of Chinese export enterprises, explores the trade gains of export enterprises’product quality upgrading behavior from the perspective of markups. The study finds that in the short term, product quality has an inverted U-shaped impact on the markups of export enterprises, that is, firstly shows the“quality upgrade bonus”, and then falls into the“quality upgrade trap”. In the long run, the“quality upgrade trap”tends to disappear. Among them, private export enterprises can fully enjoy the“quality upgrade bonus”, while labor-intensive enterprises are more likely to fall into the“quality upgrade trap”. The analysis of the impact mechanism shows that: with the improvement of product quality, the price of export products also increases, and the marginal cost of production of enterprises increases accordingly. The final change direction of the enterprise's markups depends on the relative size of the“price increase effect”and the“cost increase effect”.