Based on the panel data of 17 innovative cities in China from 2010 to 2017，this study uses factor analysis and entropy method to measure the sci-tech finance index and innovative city development index，and uses panel VAR model to explore the impact of sci-tech finance and its dimensions on innovative city. The empirical results showed：sci-tech finance has a significant positive influence on promoting the development of innovative cities，and it has a time lag effect. However，the impact of sci-tech finance on innovative cities is weak，and there is a threshold. Dimensions of sci-tech finance （government innovation input，human resource input，capital market input，enterprise R&D input） all have significant positive long-term effect on the development of innovative city. Among them，government innovation input or policy support and training of talents or talent introduction play a more direct role in the development of innovative cities. Finally，based on the current situation of Xiongan New Area，this study provides suggestions for the construction of Xiongan New Area into an international first-class innovative city from the aspects of increasing government innovation input，innovating capital market，strengthening enterprise research and development，and absorbing scientific and technological talents.