Abstract: A new round of industrial revolution with intelligent manufacturing as the core is sweeping across the world. As the starting point and primary goal of industry 4.0, intelligent manufacturing is the main direction of "made in China 2025", and disruptive innovation is an important way for Chinese manufacturing enterprises to gain core competence under the background of intelligent manufacturing. Therefore it is very crucial to study the relationship between intelligent development and disruptive innovation from the enterprise level. In order to comprehensively explore the relationship between intelligent development and disruptive innovation, this paper analyzes the impact mechanism of intelligent development on disruptive innovation of manufacturing enterprises, which is based on three dimensions of direct transmission mechanism, indirect transmission mechanism and heterogeneous transmission mechanism, so as to provide reference for intelligent development of enterprises and make up for the shortcomings of existing research. Taking China's A-share listed manufacturing companies from 2000 to 2017 as samples, this paper uses text mining method to construct indicators that are difficult to quantify, studies whether intelligent development promotes China’s A-share manufacturing listed companies’ disruptive innovation and discusses the internal mechanism between intelligent development and disruptive innovation. At the same time, disruptive innovation is divided into disruptive business model innovation and disruptive technological innovation, the purpose is to deeply understand the internal meaning of disruptive innovation. In further analysis, the econometric model is used to empirically test the intermediary effect of disruptive business model innovation and disruptive technological innovation between intelligent development and enterprise operating performance, getting through the transformation path of "intelligent development-disruptive innovation-enterprise high-quality development", and deeply understand the transformation mode of manufacturing enterprises in line with the background of intelligent manufacturing. It is found that intelligent development significantly improves disruptive business model innovation and disruptive technological innovation of manufacturing enterprises, which is the main way for enterprises to realize disruptive innovation in the new era. Intelligent development can indirectly promote enterprise disruptive business model innovation and disruptive technological innovation, and this mechanism is realized by increasing enterprise fixed asset investment and improving the level of human capital. Manufacturing enterprises can create good development conditions for enterprise disruptive innovation by increasing investment in intelligent infrastructure and introducing high-quality talents; When considering the characteristics of enterprise heterogeneity, the samples of listed companies are divided into two groups according to the characteristics of ownership and factor intensity, it is found that the intelligent development of state-owned enterprises, capital-intensive enterprises and technology-intensive enterprises has a more significant impact on disruptive innovation, while intelligent development of non-state-owned enterprises and labor-intensive enterprises have less influence on disruptive business model innovation and disruptive technological innovation. It can be seen that state-owned enterprises, capital-intensive enterprises and technology-intensive enterprises have obvious advantages in promoting disruptive innovation in the era of intelligent manufacturing; Finally, the development of enterprise intelligence can improve enterprise performance and boost the high-quality development of enterprises through disruptive business model innovation and disruptive technological innovation. The research conclusion enriches the theoretical framework of the relationship between intelligent development and enterprise disruptive innovation, and provides a feasible path for promoting enterprise intelligent development and realizing disruptive innovation.