Abstract: A theoretical model of the relationship between network centrality and firm performance is constructed by taking business model innovation as a mediating variable. Based on the principle of “more is not always better”, the complex relationship between network centrality and firm performance is explored from a curving perspective, and the moderating effect of organizational legitimacy is further explored. Through the analysis of 279 sample data, the results show that network centrality has an inverted U-shaped relationship with business model innovation and firm performance. The inverted U-shaped relationship between the centrality of business model innovation intermediary network and firm performance; business model innovation can significantly promote enterprise performance; organizational legitimacy positively moderates the relationship between business model innovation and firm performance.