This　paper　uses　panel　data　of　listed　heavily　polluting　enterprises　from　2007　to　2021,　based　on　the　perspective　of　transformation　and　upgrading　of　heavy　polluters,　innovatively　studies　the　impact　of　green　credit　on　the　green　operation　of　enterprises.　At　the　micro　level,　the　research　results　of　this　paper　verify　the　effectiveness　of　green　credit　policy　on　the　transformation　of　green　enterprises.　It　is　also　found　that　the　two　intermediary　paths　of　debt　cost　and　government　subsidy　play　a　partial　intermediary　role　in　the　process　of　green　credit　promoting　green　enterprise　transformation　and　upgrading.　Green　credit　policy　also　moderates　the　green　transformation　of　enterprises　through　debt　cost　and　government　subsidies.　Based　on　the　research　results,　this　paper　puts　forward　targeted　policy　suggestions　from　the　aspects　of　financing　constraints,　government　subsidy　policies,　enterprise　technological　innovation　and　green　operation,　and　provides　empirical　support　for　the　current　expansion　of　green　credit　policies　in　China.