The opening of high-speed railway has greatly shortened the spacetime distance between cities, but whether the compression of space-time distance can improve the total factor productivity (TFP) of service enterprises remains to be tested. Based on this, through the manual collection of high-speed railway opening data of the cities on the prefecture level and above in China, and taking this as a natural experiment, this paper empirically tests the impact of the opening of high-speed railway on TFP of service listed enterprises and its realization mechanism. The results show that compared with the cities without high-speed railway, the TFP of service enterprises along the line is significantly improved after the opening of high-speed railway, and the effect is about 23% of the standard deviation of TFP. Considering the characteristics of high-speed railway mainly for passenger transport, further research shows that the opening of highspeed rail can bring about the expansion of population scale and local market potential of large and medium-sized cities, and the increase of R & D investment of service enterprises. Under the effect of agglomeration effect and technological progress of enterprises, TFP of service enterprises in high-speed railway cities will be improved. Heterogeneity analysis shows that the promotion effect of high-speed railway on TFP of service enterprises mainly exists in the life service industry and big cities.