Based on the context of China’s emerging markets, this paper explores the heterogeneous impacts of strategic orientations (profit-oriented strategy and growth-oriented strategy) on green innovation (proactive green innovation and reactive green innovation), as well as the corresponding boundary conditions. This paper conducts an empirical test using panel data of China’s A-share listed manufacturing enterprises from 2010 to 2021. The study finds that: First, a profit-oriented strategy can promote corporate green innovation, with a stronger facilitating effect on proactive green innovation, whereas a growth-oriented strategy inhibits corporate green innovation. Second, organizational slack weakens the positive effect of a profit-oriented strategy on green innovation and simultaneously mitigates the negative impact of a growth-oriented strategy on green innovation. Third, the institutional environment strengthens the facilitating effect of a profit-oriented strategy on green innovation yet exacerbates the inhibitory effect of a growth-oriented strategy on green innovation. Fourth, the impact of a profit-oriented strategy on green innovation exhibits significant life cycle heterogeneity. This paper addresses the core pain point of insufficient corporate initiative in green innovation during the critical transition period. It enriches the theoretical research on green innovation from a disaggregated dimensional perspective, provides a systematic theoretical explanation for an in-depth understanding of the impacts of profit-oriented and growth-oriented strategies, and offers empirical evidence for the green innovation practices of manufacturing enterprises and the policy practices of governmental authorities.