Abstract: The digital transformation of small and medium-sized enterprises is an important part of China's digital construction. Although the existing research has made great breakthroughs in the test of efficiency and performance improvement of SMEs' digital transformation, but neglected the exploration of its transformation antecedents, especially the comprehensive impact of various antecedent factors on the selection of SMEs' digital transformation mode is still unclear. Based on the important characteristics of relatively limited resources and capabilities of SMEs, this study explores what kind of digital transformation mode SMEs will build under different factor endowment combinations from the perspective of matching resources and capabilities. Through the questionnaire survey of 128 small and medium-sized enterprises and the configuration analysis of antecedents with the help of fsQCA method, the research results show that: (1) there is a "multiple concurrent" effect between enterprise resources and dynamic capabilities, and the transformation and development of seven digital models can be realized through different combination paths;(2) further cluster seven types of models and propose three types of digital transformation models for small and medium-sized enterprises. One is the resource-driven auxiliary value chain transformation with strong resource strength and weak dynamic capability. When small and medium-sized enterprises have strong resource strength and their dynamic capabilities cannot further transform resources into competitive advantages, they can choose to rely on existing resources to carry out the digital transformation of corresponding functions. At the same time, the lack of dynamic capabilities is not conducive to the digital transformation of value-added links with strong interaction with the outside. Therefore, small and medium-sized enterprises with such combination of resources and capabilities can choose to support the digital transformation of value chain modules. Second model is the transformation of value-added value chain derived by capacity, which has balanced resource strength and outstanding dynamic capabilities. For enterprises with outstanding dynamic capabilities, even if they do not have relatively outstanding resource strength, they can reorganize their internal and external resources by virtue of their perception, integration and reconstruction capabilities, and carry out more complex digital transformation of value-added value chain links. Especially for enterprises with digital transformation experience, it is easier to use dynamic capabilities for digital transformation of value-added value chain. The third one is the parallel digital transformation option which applicables to small and micro enterprises with small scale and digital transformation just starting. For small and micro enterprises with relatively weak resource strength and dynamic capability, they can try to carry out parallel digital transformation on the auxiliary and value-added value chain with their own flexibility. However, it should be noted that the parallel digital transformation is relatively simple and belongs to the transformation mode of low cost and low complexity. This research enriches the research on antecedents of SMEs' digital transformation, which focuses on the internal resources and capabilities of enterprises, and explores the antecedents of the choice of digital transformation mode of SMEs. Based on the resource-based view and dynamic capability theory, this paper explores the combination of factors that may affect the digital transformation model from the perspective of resource and capability configuration, and provides a reference for SMEs' digital transformation practice.