The purpose of the article aims to analysis the impact of technological capital on technological innovation. The former scholar pays primarily attention to the direct impact of technological capital on technological innovation with the method of qualitative research, while neglecting the role of intermediary variables. The paper uses 185 samples derived from Beijing, Shanghai, Jiangsu and Shandong. Using the software of structural equation model, it is tested of the relationship of technological capital, information management, knowledge management and technological innovation. The research demonstrates that technological capital makes a positive impact on technological innovation through two paths of information management and knowledge management. Information management and knowledge management play a completely mediating role between technological capital and technological innovation. The study further also indicates that technological capital mainly effect on technological innovation through knowledge management.