Environmental supervision is an important part of government environmental governance and a key driving factor of green innovation. Based on the panel data of A-share listed companies in 120 major cities in China from 2008 to 2018，this paper examined the relationship between environmental supervision and corporate green innovation from the perspective of promotion pressure by using the fixed effect and moderating effect models. The study found that： （1） Environmental supervision only significantly promotes the quantity of corporate green innovation，rather than the quality，which induces the "bubble" phenomenon of green innovation；（2） The promotion pressure positively regulates the relationship between environmental supervision and the quantity of green innovation and enhances the "bubble" effect of environmental supervision；（3） The "bubble" phenomenon of green innovation caused by environmental supervision is concentrated in heavily polluting industries and eastern regions. It has a significant role in promoting the quality and quantity of green innovation in highly urbanized regions. However，the regulatory effect of promotion pressure is not effective；（4） Environmental supervision affects green innovation through industrial transfer，and causes neighboring areas to become "pollution havens". The central vertical supervision weakens the "bubble" phenomenon of green innovation. This paper has deepened the research scope and boundary conditions of macro-policy and micro-corporate innovation，which brings a new perspective and theoretical framework for existing research. It will also provide beneficial enlightenment and empirical evidence for optimizing environmental supervision policies and promoting corporate green transformation.