Taking 2091 listed manufacturing companies from 2011 to 2020 as a sample, the impact and mechanism of asset specificity on the digital transformation of enterprises were explored. It is found that: First, from the perspective of whether enterprises carry out digital transformation and the degree of digital transformation, asset specificity will restrict the digital transformation of enterprises. Second, operational risk and the number of available resources play a mediating role in the impact of asset specificity on the digital transformation of enterprises, which is manifested in asset specificity inhibiting digital transformation by improving enterprise operational risks and reducing the available resources of enterprise versatility. Third, further analysis shows that digital transformation can significantly improve the total factor productivity of enterprises, but the higher the asset specificity, the worse the effect of digital transformation on the total factor productivity of enterprises. This study has theoretical and practical guiding significance for further promoting the digital transformation of manufacturing enterprises and improving the effectiveness of digital transformation.