As　a　new　driving　force　for　economic　growth,　the　digital　economy　has　had　a　profound　impact　on　the　labor　market.　While　the　existing　research　has　explored　the　role　of　the　digital　economy　in　job　substitution,　creation,　and　polarization　effects,　the　research　on　the　impact　on　the　social　insurance　fund　income　is　relatively　scarce.　In　view　of　this,　based　on　the　provincial　panel　data　from　2011　to　2020,　this　paper　analyzes　the　effect　and　mechanism　of　the　digital　economy　on　the　pension　income　by　using　the　moderated　chain　intermediary　model　and　random　forest　regression.　The　results　show　that:　(1)　the　employment　scale,　labor　income,　industrial　structure,　and　government　intervention　are　the　important　factors　affecting　the　income　of　urban　pension　insurance;　(2)　the　development　of　the　digital　economy　has　a　negative　impact　on　the　income　of　the　basic　pension　insurance　fund　for　urban　employees,　and　the　chain　intermediary　effect　that　indirectly　affects　the　employment　scale　and　labor　income　through　promoting　the　upgrading　of　the　industrial　structure　has　a　negative　impact　on　the　income　of　the　pension　insurance　fund.　The　employment　scale　and　employment　income　of　the　industries　with　high　and　low　substitution　rates　have　a　significant　impact;　(3)　government　intervention　can　regulate　the　negative　impact　of　the　digital　economy　development　on　the　pension　fund　income.　Furthermore,　taking　the　transformation　and　reform　of　social　security　collection　and　payment　institutions　in　July　2018　as　an　opportunity,　the　analysis　using　the　event　study　method　found　that　the　average　level　of　the　pension　income　in　the　regions　where　the　tax　department　was　fully　responsible　increased　significantly　compared　with　the　regions　where　the　social　security　department　collected　it.　Therefore,　in　order　to　maintain　the　sustainability　of　the　pension　fund　income　and　effectively　prevent　the　problem　of　old-age　poverty　caused　by　the　＂silver　wave＂　and　the　lack　of　protection　of　workers＇　rights　and　interests,　institutional　innovation　should　be　promoted,　the　current　tax　policy　should　be　adjusted,　and　the　inclusiveness　and　flexibility　of　the　pension　security　system　should　be　improved.　Digital　technology　should　be　used　to　improve　the　government＇s　intervention　capacity　and　management　level,　and　promote　the　positive　interaction　between　the　digital　economy　and　the　pension　insurance　system.