Worldwide, digital technologies are profoundly influencing the inner logic of a wide scope of economic activities. As the most important subjects in the market economy, firms are also deeply affected by the transformation of digital technology; moreover, they also facilitate digital technology developments and applications. Using data from A-share listed firms in China from 2007 to 2020, this study finds that digital transformation promotes the financialization of real sector firms. Specifically, testing the influence mechanism reveals that digital transformation assists in the financialization of real sector firms by alleviating firm financing constraints. A heterogeneity analysis shows that the promotion effect that digital transformation has on firm financialization is more significant in non-state-owned firms, firms in the high-tech industry, and small- and medium-sized firms. The results offer insights that may help the government formulate policies that support and promote firms’ digital transformation and help firms undergo digital transformations more effectively. This is the first study to determine how digital transformation affects the financialization of non-financial firms.