By using the sample of Huazheng ESG Rating Listed Companies from the year of 2008 to the year of 2021, this paper explores the influencing and working system of enterprise ESG performance on the delay of stock prices. The results show that enterprise ESG performance can effectively alleviate the delay of stock prices, the stock fluidity level, analyst attention, and the quality of internal control, which serves as the important working path for enterprise to alleviate the delay of stock prices. It is found through the crosssectional heterogeneity analysis that the alleviating effect of enterprise ESG performance on the delay of stock prices is more pronounced in nonstateowned enterprises, nongovernmententerprise related enterprises, and enterprises of higher audit quality group. Therefore, the research conclusion not only provides new clues for upgrading the Chinas information efficiency of capital market but also the necessary inspiration for promoting the practice of enterprise ESG.