With the concept of sustainable development deeply rooted in the hearts of the people, the concept of ESG, which integrates the public interest into the firm value system, has been widely praised by the society. Based on the annual data of Shanghai and Shenzhen A A-share listed companies from 2009 to 2021, this paper empirically tests the relationship between ESG, business environment uncertainty and firm value by using the bidirectional fixed fixed-effect model . The results show that ESG performance can significantly promote the improvement of firm value, and business uncertainty negatively moderates the relationship between ESG and firm value. Further analysis shows that ESG value creation is more pronounced in non non-statestate-owned enterprises, non non-polluting industries, and enterprises with low financing constraints constraints. The negative moderating effect of business environment uncertainty is more significant in state state-owned enterprises, non non-polluting industries and groups with high financing constraints constraints.