How to promote corporate research and development is a particularly important issue under the background of the economy being diverted out of the real economy. By selecting samples of 1221 Chinese A-share non-financial listed companies from 2010 to 2019, this paper examines the impact of financialization on research and development through the panel threshold regression model. Then, the moderate range of the impact of financialization on corporate research and development is measured, as well as their heterogeneity is also analyzed. The research shows the following results: first, there is a dynamic relationship and moderate range between financialization and corporate research and development. Financialization has a positive effect on corporate research and development when the level of financialization exceeds 0.4748. Secondly, from further heterogeneous research, financialization has a threshold effect on research and development among enterprises with a high level of research and development. In addition, there is a promoting effect on corporate research and development only when their financialization level exceeds 0.0097 in enterprises with a high level of research and development. Therefore, in order to promote corporate research and development, financialization of non-financial enterprises should make adjustment and regulation according to the action and direction of moderate range.