Taking A share non financial and non real estate listed companies from 2011 to 2018 as samples, this paper explores the impact of environment, social responsibility and corporate governance (ESG) performance on corporate financialization. The results show that ESG performance inhibits firm financialization, while internal supervision amplifies the negative effect of ESG performance on firm financialization, and external financial supervision weakens the negative relationship between them. The inhibition effect, amplification effect and weakening effect are more obvious in environmental and social responsibility, but not in corporate governance. Further research shows that ESG performance, environment and social responsibility can restrain corporate financialization behavior through financing constraint, which has no intermediate effect on corporate governance. Heterogeneity analysis shows that the inhibition effect of ESG performance, environment and social responsibility on corporate financialization is significant in state owned enterprises and enterprises with strong R&D capabilities, while corporate governance shows a positive financialization effect in non state owned enterprises and enterprises with strong R&D capabilities. The research results can enrich the theoretical mechanism of the influence of ESG performance on the financialization of enterprises, and provide a basis for improving the regulatory system of listed companies and consolidating the foundation of the development of real economy.