Abstract: Management innovation and enterprise growth are hot topics in the field of enterprise research in recent years，By building a theoretical model of how SMEs influence the growth performance for implementing management innovation, using a sample of 287 SMEs, this article analyzed and tested the mediating and regulatory effects that strategic flexibility plays between the former two variables. The results show that:(1) the management innovation has a significant inverted U-shaped effect on the growth performance, besides the coordination flexibility plays a complete mediating role in it; (2) the management innovation and the coordination flexibility have a significant inverted U-curve relationship; (3) the resource flexibility positively regulates the impact of management innovation on the coordination flexibility, negatively regulates the impact of the coordination flexibility on the growth performance. The conclusion of the research reveals that the management innovation implementation plays a "double-edged sword" role in growth performance, and the role the strategic flexibility plays between the former two variables, which providing useful enlightenment for SMEs implementing management innovation.