Under the global wave of intelligence, intelligent manufacturing has become the only way for China’s manufacturing industry to transition from “manufacturing” to “intelligent manufacturing”. Taking the promotion of China’s intelligent manufacturing demonstration project as a quasinatural experiment, this paper uses a PSMDID approach to identify the casual effect of intelligent manufacturing on corporate investment efficiency and to examine its underlying mechanisms. The results show that the implementation of intelligent manufacturing significantly improves corporate investment efficiency, and this finding remains robust after a series of robustness tests. Mechanism analysis reveals that smart manufacturing reshapes the internal and external information environments of firms, enabling a twoway empowerment of firms’investment efficiency by improving internal information acquisition and attracting external attention. In addition, heterogeneity analysis shows that the positive effect of intelligent manufacturing on corporate investment efficiency is more obvious in nonstateowned enterprises, enterprises with higher employee knowledge, enterprises with weaker industry competition degree, during nondeclining period, and in regions with lower levels of digital economy development and better legal environment. Further research shows that intelligent manufacturing inhibits the overinvestment behavior of enterprises but has no obvious effect on underinvestment. Moreover, intelligent manufacturing will also have a positive impact on the labor capital investment efficiency of enterprises. This paper takes corporate investment efficiency as the breakthrough point to evaluate the microlevel effects of intelligent manufacturing, providing a useful reference for enterprises to implement intelligent manufacturing and improve investment efficiency.