Different from the existing literature on the impact of cross-border M&A regarded as an “event” on the technological innovation, this study expands the existing econometric model, makes an empirical test on the promotion of the innovation quality driven by the innovation network embeddedness based on cross-border M&A using the data of the Chinese listed companies. The results show that the direct links actively promote the innovation quality, and the indirect links and structure hole have significant inhibitory effects on the quality of technology innovation. Network heterogeneity produces an inverted U-shaped adjustment effect on the relationship between foreign innovation networks embeddedness based on cross-border M&A and innovation quality. The study provides valuable references for companies in emerging economies to implement cross-border M&A, effectively embed in foreign innovation networks, allocate innovative resources and improve the quality of innovation.