Based on the 30 inter-provincial panel data from 2005 to 2016，the spatial panel model and panel threshold model were used to study the impact of technology finance development on industrial structure upgrading． The results show that the industrial structure upgrade has growth inertia，spatial spillover and space-time lag． Whether for the long-term or the short-term，the development of science and technology finance has a significantly positive direct effect or indirect effect on the upgrading of industrial structure． In the short term，the direct effect is less than the indirect effect，while in the long run，the direct effect is greater than the indirect effect． The development of science and technology finance has a nonlinear relationship with the upgrading of industrial structure; in addition， government intervention，urbanization，financial efficiency and financial opening in neighboring regions and local areas are conducive to the promotion of industrial structure upgrading in the region．