The collaborative development among industries has changed the spatial structure of factor allocation and provided an opportunityfor the improvement of regional innovation capability. Based on the input-output tables and relevant statistical data of 30 provincesmunicipalities and autonomous regions this paper analyzes the impact of two modes of industrial collaborative developmentnamely industrial co-agglomeration and industrial convergence on regional innovation capability. The results show that both industrialco-agglomeration and industrial convergence have a positive effect on regional innovation capability but the interaction between the twohas a significant negative effect on innovation capability. The mechanism test shows that internet development is one of the mechanismsof industrial co-agglomeration and industrial convergence to promote innovation. When the spatial correlation is considered the promotingeffect of industrial co-agglomeration and industrial convergence on innovation capability decreases and the negative effect of theirinteraction on innovation capability also decreases. Through threshold regression it is found that only when the level of industrial coagglomerationis excessively high the interaction of industrial co-agglomeration and industrial convergence will have the negative effecton the regional innovation capability but when the level of industrial collaborative agglomeration is low or moderate such effect doesnot exist.