It is of great significance to study the impact of innovation-driven strategy on high-quality development. This paper investigates the relationship between the economic development quality index (EDQI) and the innovation-driven index (IDI) using the entropy method based on China’s macroeconomic data from 2000 to 2019. It examines the impacts of innovation-driven strategy on the economy using systematic cluster analysis and the impact of innovation on economic development quality through regression analyses. Results of empirical analyses illustrate that the innovation-driven strategy of China has played an important role in the quality of economic development. Still, the lack of hard innovation leads to primary and secondary industries’ insufficient development quality. Different innovation indicators have different effects, and the overall efficiency of financial research funds is insufficient. Further, the results also show that the positive role of innovation-driven strategy is mainly realized through high-tech markets in China. Therefore, R&D investment should focus on high-tech industries or fields related to the national economic lifeline or strategic industries, such as environmental protection, microchips, and high-end instruments industries in China. This paper attempts to study the effect of China’s innovation-driven strategy on the quality of economic development to provide reference experience for developing countries’ sustainable economic development.