Science and technology (S&T) innovation is a significant driving force for regional productivity, and strong financial support can effectively promote S&T innovation. As the regional main body of S&T innovation, the first thing that enterprises need to address is the demand for funds. Internal funds are needed to maintain the overall daily operation of enterprises, and regional science and technology innovation funds mainly come from external financial support. Using the factor analysis method, multiple indicators were adopted to comprehensively evaluate the level of S&T innovation in each province and city as the variables and financial scale, financial structure, and financial efficiency as the variables, and the impact of financial support on science and technology innovation in four major regions was empirically studied using a panel data model. The degree of development of banking institutions and capital markets in different regions of China varies, and the financial system’s support for China’s S&T innovation varies widely. Therefore, it is important to study the impact of financial support on science and technology innovation among different regions in China for the balanced development of China’s regions.