New quality productivity is the key driving force to promote high-quality economic development. Based on the data of China’s A-share listed companies from 2011 to 2022, this paper constructs the measurement index of enterprise new quality productivity, and studies the impact of economic policy uncertainty on enterprise new quality productivity and its transmission path. The results show that economic policy uncertainty plays a significant inverted U-shaped effect on the new quality productivity of enterprises, and the conclusion is still stable after a variety of robustness tests. The mechanism test shows that the uncertainty of economic policy mainly affects the new productivity of enterprises through two dimensions: internal management and production efficiency and external supply chain risk control. The heterogeneity test finds that economic policy uncertainty has a more significant impact on the new productivity of large and medium-sized enterprises, with high operational efficiency, foreign investment and high information transparency. The moderating effect analysis shows that the resources and support provided by the supportive policy will strengthen the inverted U-shaped impact of economic policy uncertainty on the new quality productivity of enterprises. The conclusions of this study can provide a theoretical basis and reference for the government to formulate stable economic policies and enterprises to optimize innovation strategies.