Digital transformation and energy conservation and pollution reduction are the core contents of the high-quality development of Chinese enterprises in the new era. Among them, as an important path to promote the deep integration of the digital economy and the real economy, digital transformation has long been an important force driving the upgrading of enterprise elements and reshaping the market competition. Can it further promote energy conservation and pollution reduction of enterprises and facilitate green economic development? This is a key issue related to not only China’s goal of “Carbon Peak and Carbon Neutrality” on the macro level, but also whether enterprises can achieve transformation and upgrading on the micro level. However, compared with the extensive international literature, the corresponding domestic research is still in its infancy. Accordingly, based on the data of China’s listed companies from 2010 to 2019, on the basis of theoretically clarifying the transmission mechanism and internal and external conditions of digital transformation affecting the energy conservation and pollution reduction of enterprises, this paper uses Python technology to capture the keywords related to “digital transformation” in the annual reports of listed companies, portray the degree of digital transformation, and empirically test the impact, transmission mechanism and regulatory effect of the digital transformation of Chinese enterprises on their energy conservation and pollution reduction. The research finds that the digital transformation of Chinese enterprises can help to promote their energy conservation and pollution reduction. Moreover, digital transformation can not only improve the technological innovation ability of enterprises, but also promote the structural optimization of enterprises’ production and operation activities to achieve the effect of energy conservation and pollution reduction. The energy-conservation and pollution-reduction effect of digital transformation is affected by the internal and external environment where the enterprise is located. In the external environment, whether the intensity of environmental regulation is increased or the degree of market competition is intensified, the energy-conservation and pollution-reduction effect of digital transformation will be improved; in the internal environment, the growth of the enterprise itself can also strengthen the promotion of digital transformation to its energy conservation and pollution reduction. This is enlightening for Chinese enterprises to realize the collaborative development of digital transformation and energy conservation and pollution reduction.