Digital transformation of enterprises is an important support for the high-quality development of enterprises, which will certainly have a significant impact on the field of talent innovation. With the rise of emerging technologies such as big data, cloud computing, artificial intelligence, and blockchain, enterprise digitalization has had a profound impact on the labor market. However, the existing literature is less likely to enter into an in-depth exploration of the impact mechanism between digital transformation and the efficiency of corporate labor investment. In this paper, we adopt the text collated by the Python and draw on the studies of Wu Fei, et al. (2021) and Zhao Chenyu, et al. (2021) to quantitatively analyze the digital transformation of enterprises, construct an indicator system for the digital transformation of enterprises, and examine how digital transformation affects the efficiency of labor investment in enterprises. The empirical study finds that digital transformation can significantly improve the efficiency of corporate labor investment, and the effect is specifically manifested in the reduction of corporate labor underinvestment phenomenon. Further study finds that these results are mainly found among non-state enterprises and enterprises in capital-intensive industries, and the positive correlation between digital transformation and labor investment efficiency is stronger when enterprises implement low-cost strategies and face stronger financing constraints. Specifically, digital transformation can improve the efficiency of labor investment by optimizing the human capital structure and improving the level of internal control. Compared with the existing literature, the research contributions of this paper are: firstly, most of the existing literature examines the economic benefits of digital transformation, such as stock liquidity, firm performance, and firm productivity. This paper explores the relationship between digital transformation and enterprise labor investment efficiency based on human capital management perspective and at the micro level, which not only expands the economic consequences of digital transformation, but also provides new directions and goals for enterprises to promote the high-quality development of social economy; secondly, this paper explores the path analysis of digital transformation on labor investment efficiency of enterprises from two perspectives of optimizing human capital structure and improving internal control level, and empirically examines its heterogeneous performance, which helps clarify the micro effects of enterprise digitalization and the path of its effects, and provides an empirical reference for enterprises’ decisions related to digital transformation. The research in this paper shows that human capital structure and the level of internal control play a partly mediating and positive moderating role between digital transformation and the efficiency of corporate labor investment. Therefore, enterprises should promote the deep integration of data and information and digital technology and other service elements, strengthen human resource management, and at the same time, make use of digital technology to integrate and optimize effective information resources, form a standardized internal control digital system, and carry out differentiated policy design by combining the actual enterprise, property rights nature, and industry attributes to comprehensively promote the mutual integration of internet and enterprise talent needs.