Studies have shown that commercial credit, as an important way of debt financing for entity enterprises, will have a significant impact on business decision-making. However, there is currently no literature exploring the relationship between commercial credit and the financialization of entities. Based on this, this article conducts a theoretical analysis on the impact of commercial credit on the financialization of non-financial companies, and uses the data of A-share non-financial listed companies from 2007 to 2019 to conduct an empirical test. The results show that commercial credit has a significant negative impact on corporate financialization. This conclusion has strong robustness in the investigation of potential endogenous problems, replacing key variables, changing sample intervals and measuring methods. Further examination of the mechanism of action shows that the intermediate mechanism of liquidity constraints on commercial credit and financialization is the “masking effect”, and the intermediate mechanism of agency costs on commercial credit and financialization is the “mediation effect”. In terms of the environment in which commercial credit plays a role in the financialization of enterprises, it is found that in the real enterprises with better regional marketization environment and low competitive position in the industry, the restraining effect of commercial credit on their financialization is more obvious.