How to improve the efficiency of enterprise investment has always been one of the focuses of academic debate. This paper takes A-share listed companies of manufacturing enterprises in the Shanghai Stock Exchange and Shenzhen Stock Exchange of China from 2015 to 2022 as samples, empirically studies the impact of enterprise digital transformation on enterprise investment efficiency through regression analysis, and explores the intermediary role of supply chain integration. The results show that the higher the degree of digital transformation, the less inefficient investment, supply chain integration is the mechanism of this effect. By subdividing the inefficient investment situation of enterprises, the research finds that enterprises’ digital transformation mainly improves investment efficiency by reducing excessive investment. From the perspective of enterprise digital development and supply chain, this paper puts forward feasible schemes to improve enterprise investment efficiency.