Abstract: Intelligent transformation, as an important way to improve the status of equipment manufacturing industry in the global value chain, is affected by multiple factors, but few existing studies put multiple factors into the same system for discussion. By using the method of multi case rooting, this paper combs and summarizes six factors affecting the intelligent transformation and upgrading of China's equipment manufacturing industry, and constructs the corresponding theoretical model combined with the four dimensions of intelligent transformation and upgrading. On this basis, fuzzy set qualitative comparative analysis method (fsqca) is used to deeply analyze the action mechanism of various influencing factors from the perspective of configuration. The results show that: (1) the key influencing factors of equipment manufacturing industry in the process of intelligent transformation and upgrading in different dimensions are different. (2) The construction of intelligent management platform is needed in all links of enterprise intelligent transformation. (3) Interconnection, intelligent manufacturing technology and R&D investment are interchangeable to a certain extent. According to the research results and case analysis, it provides a strategic basis for the intelligent transformation and upgrading of equipment manufacturing industry.