Based on the performance feedback theory, utilizing a two-way fixed-effects model with a sample of China’s A-share listed companies from 2011 to 2022, this paper examines the impact of innovation expectation gap on low-carbon innovation cooperation and its mechanism. The study finds that: Innovation expectation gap exerts a significant positive effect on low-carbon innovation cooperation; the short-term failure tolerance of the government, investors, and managers all play a positive moderating role in the process of innovation expectation gap affecting the low-carbon innovation cooperation. Further breakdown of the characteristics of innovation expectation gap reveals that: There is an inverted U-shaped relationship between the intensity of innovation expectation gap and low-carbon innovation cooperation, while the persistence of innovation expectation gap is unfavorable to low-carbon innovation cooperation; historical expectation gap and social expectation gap show heterogeneous effects on low-carbon innovation cooperation. Through the organic integration of theoretical constructs and empirical tests, this paper not only expands the application of the performance feedback theory in the field of sustainable development, but also provides theoretical references and practical insights for the construction of innovation ecosystems under the “dual carbon” goal in China.