Abstract: In the context of carbon peaking and carbon neutrality goals and green transformation, green innovation has become an important support for power generation enterprises to achieve efficiency growth and environmental friendliness. In this paper, the evaluation index system of green innovation efficiency of power generation enterprises is constructed, and the green innovation efficiency of power generation enterprises from 2020 to 2022 is measured by using a two-segment additive network DEA model. Finally, the fuzzy set qualitative comparative analysis (fsQCA) is used to design a comprehensive improvement path for the efficiency of green innovation in two stages. The results show that: (1) The average overall efficiency of green innovation of power generation enterprises is only 0.498, and the overall efficiency is low. (2) The efficiency of the green innovation R&D stage is slightly better than that of the achievement transformation stage, and the development of the two stages is not coordinated. (3) In the green innovation R&D stage, efficiency can be improved through internal and external collaborative drive (H1, H2), and there are two ways to improve the efficiency in the transformation stage of green innovation achievements: enterprise internal drive (H3) and government-led (H4).