Using the data from Chinese A-share listed companies from 2017 to 2022, we explored the relationship between the share pledging by controlling shareholders and the real earnings management of companies. The research result shows that the share pledging behavior of controlling shareholders has a positive impact on the real earnings management of companies, and this positive relationship is more obvious in non-state-owned companies and eastern companies. We found that controlling shareholders are more likely to control over real earnings management for the purpose of increasing the financing quota of share pledging and reducing the risk of transfer of control.