Using the data from listed manufacturing companies from 2009 to 2021 as the research samples, this paper empirically examines the influence mechanism of ESG performance on the high-quality development of manufacturing enterprises. It reveals that ESG performance can significantly promote the high-quality development of manufacturing enterprises and the conclusion remains valid after a series of robustness tests. The credit financing cost plays a mediating role between ESG performance and the high-quality development of manufacturing enterprises. The research further finds that ESG performance has played a more significant role in promoting high-quality development of manufacturing enterprises in eastern regions, state-owned enterprises, large-scale enterprises, and heavily polluting enterprises. Therefore, it is suggested that the government should establish and improve the ESG information disclosure system of listed manufacturing companies, and enterprises should actively improve their ESG performance level to jointly promote the high-quality development of manufacturing enterprises.