With increasing resource shortages and environmental pollution, firms are increasingly relying on green technology application (GTA) to improve both environmental and financial performance. However, previous research found that the impact of GTA on both types of performance can be either positive or negative. Therefore, to understand the underlying mechanisms, we employ the meta-SEM method to explore the impact of GTA on environmental performance and financial performance, considering the natural resource-based view and socio-technical system theory. A meta-analysis is conducted to obtain the correlation matrix and establish a structural equation model to test the hypotheses. The results show that, first, it is difficult for firms to directly promote performance from GTA. GTA can only promote environmental performance through green innovation and green cooperation, and the mediating effect of green innovation is greater. Second, despite the direct negative impact of GTA on financial performance, it can promote financial performance through green innovation and the chain path. Third, internal environmental management can enhance all paths. Regarding the total effect, GTA has a significant positive impact on performance in both the environmental and financial dimensions. These results enrich extant knowledge on the relationship between GTA and firm performance.