With China running on the track of high-quality economic development, it is a vital institutional guarantee to accelerate the formation of a green financial policy system. This paper constructs a framework of the subjects, modes and goals of green finance, together with the influences on the high-quality economic development.The evaluation index system of green finance and high-quality economic development have been built, with the secondary indicators measuring green credit, green securities, green investment, green insurance, carbon finance and efficient economic development, stable economic development, optimization of economic structure, green economic development and economic innovation development, etc.By using the principal component analysis method to synthesize the comprehensive level of green finance development and the comprehensive index of high-quality economic development, the paper further makes an empirical test of the effects of green finance on the high-quality economic development with the panel data of 30 provinces from 2008 to 2016. The result shows that, comprehensively, green finance improves the overall comprehensive level of high-quality economic development, with the influence coefficient of 0.2814; specifically, green finance enhances green economy, optimizes economic structure, promotes innovation whereas escalates economy fluctuations and plays an insignificant role in the efficient economic development, with the economic green development effect (0.5870), economic structure optimization effect (0.2759) and economic innovation development effect (0.1126) respectively. This reflects that green finance has a good effect on improving the ecological environment, but needs to be strengthened in adjusting the economic structure and supporting green technology. The green finance policy is still yet to cope with industrial development, otherwise it might affect the economic stability, reducing the efficiency of economic development.Therefore, relevant innovations on green financial policies are suggested to promote high-quality economic development in the future. That is, the reform of green financial policy shouldfocuse on the establishment of green financial performance evaluation institutions in order to evaluate the implementation effect of green financial activities; Formulate the catalogue and list of green industries to promote the optimization of economic structure with the development of green industries; Encourage all green financial participants to promote green technology innovation, so as to promote economic innovation and development. The study has an important reference for clarifying the theoretical relationship between green finance and high-quality economic development, evaluating the impact effect and how to innovate green finance policies to comprehensively improve the level of high-quality economic development.