This paper uses entropy method and coupling coordination model to empirically analyze the coupling coordination effect and dynamic relationship between green governance and corporate performance of listed manufacturing companies. The results show: (1) Green governance has shown a steady growth from 2009 to 2019, but it is still in its infancy. The overall governance index is low, and there is more room for improvement. (2) The relationship between green governance and corporate performance is fluctuating in the short term, but from a long-term perspective, they have a balanced development. With the improvement of green governance, the positive effects continue to expand, bringing more obvious economic effects in the long run. (3) The degree of coupling coordination between green governance and corporate performance has fluctuated upwards, and the coordinated development has been continuously optimized. However, green governance and corporate performance have not yet reached high coupling, showing a state of primary coordination.