During the period of high-quality development in China, environmental regulations have been regarded as powerful exogenous forces, especially for accelerating the green transformation of the manufacturing industry. Treating the first implementation of cleaner production industry standard policies in 2003 as a quasi-natural experiment, and employing the difference-in-differences (DID) model, this paper discusses the impacts of environmental technology standards on the green transformation of the manufacturing industry in China, with systematic consideration of three technological modification mechanisms, including terminal governance, capital renewal, and resource structure adjustments. The results show that: (1) environmental technology standards can have “win–win” effects, i.e., environmental technology standards can simultaneously improve the environmental performance and the economic performance; (2) the dynamic effects of environmental technology standards are proven in the parallel trend test; (3) environmental technology standards can not only promote the green transformation of the manufacturing industry directly, but can also mediate the effects of terminal governance, capital renewal, and resource structure adjustments. In summary, this paper makes four suggestions for government actions, namely re-examining command-and-control environmental regulations, paying attention to environmental regulation tools, changing the mechanism from technological modification to technological innovation, and updating environmental technology standards regularly.