The data production elements are driving profound transformations in the real economy across production objects, methods, and tools, generating significant economic effects such as industrial structure upgrading. This paper aims to reveal the impact mechanism of the data elements on the “three transformations” (high-end, intelligent, and green) in the manufacturing sector, theoretically elucidating the intrinsic mechanisms by which the data elements influence these transformations. The study finds that the data elements significantly enhance the high-end, intelligent, and green levels of China’s manufacturing industry. In terms of the pathways of impact, the data elements primarily influence the development of high-tech industries and overall green technological innovation, thereby affecting the high-end, intelligent, and green transformation of the industry.