Under the background of high-level opening up, OFDI quality, as an important manifestation of corporate international competitiveness and sustainable development capability, is directly related to the success or failure of their internationalization strategy. This paper constructs an indicator system for measuring the quality of enterprise OFDI based on the three dimensions of OFDI: structural characteristics, development capability, and survival and performance of overseas subsidiaries, and uses the TOPSIS entropy weight method for measurement. The results show that in 2015 and before, under the influence of investment inertia, the OFDI quality of Chinese listed enterprises exhibited fluctuating characteristics; after 2016, with the tightening of overseas investment policies, the investment behavior of enterprises tended to be rational, and the quality of enterprise OFDI realized steady improvement. It is found that digital transformation can significantly improve the quality of enterprise OFDI, with the mechanisms of financing constraint alleviation and corporate governance improvement being important paths. Heterogeneity analysis shows that the impact of digital transformation on the quality of enterprise OFDI is more significant in non-state-owned enterprises, manufacturing enterprises, and capital- and technology-intensive industries. In addition, the exertion of this effect needs to be premised on a certain investment scale and experience accumulation, highlighting the importance of rational investment and experience accumulation. The contributions of this paper are that: First, it constructs an evaluation indicator system for the quality of enterprise OFDI, which provides an objective basis for analyzing the current situation of China’s OFDI quality and exploring the reasons for its low quality. Second, it reveals the role of digital transformation in promoting the quality of enterprise OFDI, which provides policy insights for the implementation of high-level opening up and high-quality “going out” strategy.