Innovation is an important driving force for social and economic development, and an important way for enterprises to obtain competitive advantages in the market and realize sustainable development. The article takes 960 enterprises listed in Shanghai and Shenzhen A-shares as research samples, and utilizes the threshold regression model to explore the impact of the remuneration gap of returnee executives on the innovation ability of enterprises. After analyzing the results of the threshold panel regression, it was found that there is a double threshold effect between the remuneration gap of returnee executives and the innovation ability of enterprises. When the returnee executives’ pay gap is ≤2.463 times, the returnee executives’ pay gap has a negative impact on the innovation ability of enterprises. When the remuneration gap of returnee executives is in the range of (2.463, 4.134], the remuneration gap of returnee executives positively and significantly promotes the enterprise’s innovation ability at the 1% level. When the remuneration gap between returnee executives is higher than 4.134 times, it has a negative impact on the performance of enterprise innovation ability at the 1% level. Therefore, enterprises need to set a reasonable salary gap range when introducing returnee executives, which can not only motivate the innovation enthusiasm of returnee executives but also eliminate the negative emotions of employees, thus effectively promoting the development of enterprise innovation ability.