Abstract: In view of the influence of external technology diffusion mode on enterprise growth, this paper, based on the questionnaire data of 327 high-tech enterprises, took product innovation effect and technology absorption capacity as mediating variables and moderating variables respectively, and explored the relationship between external technology diffusion mode, product innovation effect and enterprise growth. The results show that compared with exchange diffusion, transfer diffusion can not only significantly promote the rapid growth of enterprises, but also significantly improve the speed of product innovation. Compared with transfer diffusion, exchange diffusion can significantly promote the improvement of product innovation; The degree of product innovation plays an intermediary role between communication diffusion and enterprise growth. The speed of product innovation plays an intermediary role between transfer and diffusion and enterprise growth. The stronger the enterprise's technology absorption capacity, the stronger the intermediary effect of product innovation speed. The conclusion of the study provides a reference for managers to effectively adopt and deploy different external technology diffusion patterns when promoting enterprise growth.