Based on a sample of 2826 A-share listed companies from 2016 to 2019, this paper studies the impact of disclosure of critical audit matters on enterprise innovation investment. The results show that the disclosure of critical audit matters has a significant positive impact on corporate innovation investment. Further research shows that board efficiency plays a partially mediating role between the disclosure of critical audit matters and corporate innovation investment. The size of the board of supervisors has a negative moderating effect on the relationship between the disclosure of critical audit matters and corporate innovation investment. In enterprises with different supply chain concentration, the impact of the disclosure of critical audit matters on corporate innovation investment is heterogeneous. Based on the research conclusions, this paper puts forward some suggestions that enterprise management actively analyzes the key audit matters and helps stakeholders to fully and accurately understand the relevant contents of the key audit matters and that the board of directors and the board of supervisors should fully grasp the opportunity to communicate with certified public accountants so as to improve the decision-making ability and supervision ability of enterprise innovation input.