This paper focuses on the ambidextrous innovation strategy of family firms in the context of new quality productive forces. Based on the resource orchestration theory, this paper explores the impact of family ownership on firms’ ambidextrous innovation, as well as the moderating role of family management rights and underperformance. Using samples of family-owned manufacturing enterprises listed on China’s Shanghai and Shenzhen A-share markets from 2008 to 2022, this paper finds that family ownership has a significant positive impact on firms’ ambidextrous innovation, while a higher level of family management rights weakens this positive impact. In the case of underperformance, the positive impact of family ownership on firms’ ambidextrous innovation is strengthened. This paper enriches the research on the antecedents of firms’ ambidextrous innovation, clarifies the impact of different dimensions of family involvement, enhances the understanding of heterogeneity in family firms, and has practical guidance for family firms seeking strategic transformation and seizing the development opportunities of new quality productive forces.