Based on the institutional background of high-quality development and Supply-side Structural Reform, this paper uses samples of Chinese non-financial listed enterprises from 2007 to 2019 and empirically tests the influence of enterprise deleveraging strategies on audit quality by constructing the measurement index. The research finds that the probability of being issued modified audit opinion is increasing when enterprises use the deleveraging strategy of “reducing debt” rather than that of “increasing equity”. Further analysis shows that the above phenomenon is strengthened under the circumstances of scale of large accounting firms and alleviated under the circumstances of high degree marketization and high analyst attention. And the enterprise deleveraging strategies affect audit quality through three ways: operating risk, financial risk and risk of information disclosure. Finally, we carries out sensitivity test and endogeneity test, which still confirms the above conclusions. The research provides policy support and theoretical basis for promoting government departments to resolve the high leverage ratio of enterprises, auditors to guard against the audit risks of deleveraging enterprises with strategy of “reducing debt”, and enterprise managers to formulate deleveraging strategies.