The promotion of sustainable innovation capability of the manufacturing industry is a strategic move to the mid-to-high end of the global value chain. We construct the evaluation index system of sustainable innovation capability based on the panel data of China’s manufacturing industry from 2000 to 2015. We analyze the interaction mechanism between sustainable innovation capability and capital stock by using the PVAR model. The results show that there is a long-term co-integration relationship between them, and both of them have the characteristic of self-inertia. The sustainable innovation capability has a positive impact on capital stock, while the capital stock has a negative effect on sustainable innovation capability. The capital stock has a positive impact on sustainable innovation capacity in the low-tech and medium-tech industries, while it has a negative impact in the high-tech industry. Additionally, the capital stock has the least impact on sustainable innovation capacity in the low-tech industry, and sustainable innovation capacity has the greatest impact on capital stock in the medium-tech industry.
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