Based on the data of Ashare listed companies from 2010 to 2022, Shangdao Ronglvs first announcement of ESG ratings for listed companies was used as a quasi natural experiment. A multi period double difference model was used to empirically test the impact of ESG information disclosure on corporate investment efficiency and the corresponding mechanism. Empirical research has shown that ESG information disclosure can effectively improve investment efficiency of enterprises, and this conclusion still holds after multiple robustness tests. Mechanism analysis shows that inhibiting corporate shortsightedness, alleviating financing constraints, and reducing environmental uncertainty are effective channels for ESG information disclosure to improve corporate investment efficiency. Heterogeneity analysis found that there is significant heterogeneity in the impact of ESG information disclosure on corporate investment efficiency based on different property rights, digitalization levels, and market environments. The above research conclusions provide empirical evidence for building and improving the sustainable development system of enterprises in practice, and are of great significance for enterprises to actively fulfill their social responsibilities and promote highquality development of the Chinese economy.