In the digital economy era, internet platform firms have emerged as key innovation actors by virtue of their distinctive characteristics, including two-sided markets, network effects, and data-driven operations. The innovation level of these firms is shaped by the interaction of multiple factors. Drawing on the TOE framework and employing fuzzy-set qualitative comparative analysis (fsQCA), this study uses a sample of 213 Chinese A-share listed platform firms and incorporates the 2021 antitrust policy intervention in the platform economy as a contextual factor to explore the configurational paths that drive innovation in internet platform firms. The findings indicate that innovation in platform firms results from the synergy of technological, organizational, and environmental dimensions. Based on these findings, three distinct configurational paths are identified: a technology-organization driven path, a technology-environment driven path, and a technologyopenness driven path. These findings enrich configurational research on innovation in platform firms, deepen the theoretical understanding of how multiple factors synergistically drive firm innovation in the context of antitrust regulation, and provide empirical evidence to support platform firms in formulating differentiated innovation strategies and governments in refining policies for the cultivation and regulation of the platform economy.