Countries around the world and China are actively promoting the cultivation of the data element market. As an important field of integration between finance and technology, “sci-tech finance” has also attracted much attention. The combination of the two has formed a new development logic under the background of the digital economy. Data elements possess asset-like attributes, quasi-public goods characteristics, and financial properties, but their marketization faces challenges such as difficulty in confirmation of rights and pricing. Sci-tech finance has a “dual-drive” function, which can promote the integration of science and technology with finance. There is an inherent compatibility between the two, the efficient allocation of data elements requires the support of sci-tech finance to solve problems such as right confirmation and pricing, and the development of sci-tech finance also relies on the empowerment of data elements. On this basis, sci-tech finance promotes the transformation of data elements from resources to capital through four major mechanisms: pricing, financing, allocation, and risk supervision. This research provides theoretical support for the market-oriented reform of data elements and decision-making reference for financial support for technological innovation and data allocation. In the future, it is necessary to further improve the construction and supervision of the data element market to facilitate the integration of the digital economy and the real economy.