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This paper intends to investigate the impact of controlling shareholders' equity pledges on firms' innovation investment through the perspective of earnings management. It conducts empirical analysis based on the multiple linear regression model with Chinese A-share listed companies as samples. The results show that: (i) Controlling shareholders who make equity pledges will engage in real earnings management, indirectly reducing the firm's investment in innovation. (ii) Controlling shareholders' equity pledging behavior directly dampens firms' investment in innovation. (iii) Controlling shareholders' equity pledges under financing constraints will strengthen accrued earnings management and indirectly increase the capitalization ratio of firms' R&D investment.