This research investigates the relationship between Chinese energy firms’ socially responsible investing (SRI) and their innovation. Based on the stakeholder theory and recent research on firms’ innovation and sustainability, we conceptualize that SRI uncertainly influences a firm’s innovation, and this mechanism depends on the time effects derived from the firm’s strategic corporate social responsibility (SCSR) theory. The research plan to leverage the data from Chinese listed energy firms spanning ten years and regression year by year. Additionally, the research set international leading firms as benchmarking firms in this research. These benchmarking exercises are envisaged to yield instructive insights, thereby furnishing more efficacious strategies derived from firms that epitomize best practices. In a short-time period, SRI decreases a firm’s innovation; however, in a long-term period, SRI could boost innovation. This research aims to bridge the gap between stakeholder theory and SCSR theory in innovation and sustainability research and provide applicable suggestions for Chinese energy firms.