Using the financial data of Chinese A-share listed companies from 2007-2016, this paper focuses on the question that the “revolving door” phenomenon of CFOs whether and how to impact the firms’ earnings management activities. We find that the earnings management behavior of firms with “revolving door” CFO seem to be hidden by replacing accrual-based earnings management with real activities manipulation. And the impact of the “revolving door” on firms’ earnings management activities is more obvious when the affiliated CFO is also the former auditor of this firm. In further analyses, we test the impact of the “revolving door” phenomenon of CFOs on firm performance, and the results show that firms’ performance doesn’t benefit from the “revolving door” CFOs at all. in the robustness tests, the propensity score matching (PSM) method is applied and the main results are robust. Overall, these results Indicate that it is necessary for the audit firms, the stakeholders as well as the policy makers to pay attention to the impacts of “revolving door” phenomenon of CFOs.