Abstract: Purpose/Significance This paper uses the panel data of 69 listed companies in the power industry from 2017 to 2019 as sample to explore the impact of innovative resources on the digitalization of the power industry, and to provide theoretical support and decision-making basis for the improvement of the digitalization of the power industry and the formulation of relevant government policies. Design/Methodology Based on the theory of dynamic capability, knowledge spillover and human capital theory, using fuzzy set qualitative comparative analysis (fsQCA), a total of 8 condition variables are selected from the two dimensions of regional innovation environment and enterprise innovation ability to analyze the impact on the digitalization level of the power industry. Conclusions/Findings There are four types of impact paths: resource-deficiency, resource-complementary, resource-balanced, and resource-prominent. Through the longitudinal comparative analysis of the lag in 2017 and 2018, it is found that the impact path changes dynamically under the combination of antecedent conditions, and the resource-deficiency type can be developed into a resource-complementary type, and the resource-complementary type can be developed into a resource-balanced type. Enterprises will choose a suitable digitalization improvement path according to different innovation resources.