In order to stimulate the technological innovation of new energy enterprises, the Chinese government has issued a large number of relevant subsidy policies. However, the complex influence mechanism of government subsidies on technological innovation of new energy enterprises is still unclear, and the incentive effect has not yet reached a consensus. Therefore, this paper focuses on the data of China’s A-share listed new energy manufacturing enterprises from 2011 to 2020, and constructs a two-way fixed effect model of panel data to investigate the influence of government subsidies on technological innovation of new energy enterprises. The findings are as follows: 1) Government subsidies generally promote the technological innovation of new energy enterprises. In the sample interval, for every 1〖WTXT〗%〖WTBZ〗 increase in government subsidies, the patent applications of new energy enterprises increase by 0.82〖WTXT〗%〖WTBZ〗; 2) R&D investment and innovative human capital play a partial intermediary role in the process of government subsidies to promote technological innovation of new energy enterprises, while enterprise financialization plays a moderating effect which enhances the promoting role of government R&D subsidies to the technological innovation of new energy enterprises; 3) There are significant differences between R&D and non-R&D subsidies on technological innovation of new energy enterprises: for every 1〖WTXT〗%〖WTBZ〗 increase in R&D subsidies in the short term, the patent applications of new energy enterprises increase by 1.064〖WTXT〗%〖WTBZ〗, and the relationship between R&D subsidies and technological innovation of new energy enterprises shows an inverted U-shape in the long term; for every 1〖WTXT〗%〖WTBZ〗 increase in non-R&D subsidies, the patent applications of new energy enterprises increase by 0.61〖WTXT〗%〖WTBZ〗; 4) The promoting effect of government subsidies on technological innovation of new energy enterprises is significant in the areas with high intellectual property development level, but not in the areas with low intellectual property development level. These research results will provide powerful decision-making reference for the government to formulate new energy industry policies and new energy enterprises to make good use of government subsidies.