Science　and　technology　innovation　is　the　new　driving　force　of　urban　development,　and　it　is　an　important　vehicle　to　promote　financial　development.　Innovative　city　attaches　importance　to　the　driving　role　of　science　and　technology　innovation　capacity　on　industry　development　in　the　construction　process,　which　will　drive　the　development　of　the　city＇s　financial　industry.　This　article　takes　China＇s　innovative　city　pilot　policy　as　a　quasinatural　experiment　and　uses　the　panel　data　of　235　prefecture-level　cities　in　China　from　2005　to　2017　to　construct　a　difference-in-differences　model　(DID)　to　investigate　the　net　effect　and　mechanism　of　the　policy　implementation　on　the　financial　development　level　of　pilot　cities.　The　results　show　the　following:　(1)　the　construction　of　innovative　cities　has　significantly　improved　the　financial　development　level　of　pilot　cities,　and　the　conclusion　is　still　valid　through　the　robustness　test;　(2)　the　financial　development　level　promotion　effect　of　innovative　city　construction　has　regional　heterogeneity,　and　the　financial　development　level　promotion　effect　of　central　cities　is　more　significant;　(3)　the　construction　of　innovative　cities　can　improve　the　financial　development　level　of　pilot　cities　by　improving　the　intermediary　effect　of　scientific　and　technological　talents　gathering　and　industrial　structure　upgrading.