As a novel factor of production characterized by both resource and productivity attributes, data assets play a critical role, and it is essential to explore whether they can empower the real economy. This paper empirically investigates the impact of data assets on corporate financialization using a panel dataset of A-share listed companies in Shanghai and Shenzhen from 2007 to 2023. The findings reveal that data assets significantly suppress corporate financialization, particularly by curbing the allocation to transactional financial assets. Mechanism testing reveals that this effect operates primarily through two channels: weakening the “reservoir” motive by lowering capital costs and easing financing constraints, and suppressing the “substitution” motive by promoting innovation, enhancing core business performance, and narrowing the return gap between real and financial investments. Heterogeneity analysis further shows that the inhibitory effect of data assets on financialization is more pronounced in firms with a higher proportion of self-use data assets, greater investment in digital talents, and within high-tech industries. The economic consequences suggest that the impact of data assets on curbing financialization contributes to boosting investment in the real economy, reducing operational risks, improving productivity, and fostering the development of new quality productive forces. This paper offers novel insights into addressing the issue of corporate financialization and provides a theoretical foundation for incorporating data assets into the financial reporting system.