Based on the stakeholder theory, this paper takes the 2016 data of China’s A-share listed enterprises as a sample. It then uses SPSS 22 to conduct statistical analyses on the sample data to study the relationship between corporate social responsibility (CSR) and technological innovation investment, particularly the role of the atmospheric environment in regulating the relationship between the two. This paper shows that there is a significant positive correlation between CSR and an enterprise’s technological innovation investment. Further research has found that in the case of a poor atmospheric environment, the government’s environmental regulations have increased the operating costs of enterprises and weakened the intensity of technological innovation investment. However, when there is public pressure, CSR will improve. Consequently, the correlation between CSR and technological innovation investment is weak. In the case of a good atmospheric environment, enterprises do not need to increase their operating costs. To establish a good image and increase profitability, enterprises lean towards fulfilling their social responsibilities and enhancing their investment in technological innovation. This will also boost the positive correlation between CSR and technological innovation investment.