With the continuous expansion of China’s rail transit industry scale, ESG has gradually become one of the key factors affecting the upgrading and optimization of China’s rail transit industry. In the past, the main focus was on the external factors such as rail transit, urban commercial development and policy system. There were few studies on the impact of ESG performance on the performance in rail transit enterprises. This paper starts with the impact of ESG performance on the enterprise performance and investment efficiency of listed rail transit enterprises, which concludes that both factors will be positively affected by ESG performance. Also, green investment as an intermediary factor can affect the relationship between ESG performance and enterprise performance. Therefore, the analysis of property rights heterogeneity and industry heterogeneity provides empirical evidence for further improving the ESG evaluation system and investment environment for rail transit enterprises. Correctly guiding the ESG investment direction and transformation of listed rail transit industry chain enterprises, and establishing the sustainable investment decision of rail transit industry chain.