This paper uses the IV-2SLS model to explore the impact of analyst attention on firms' internal and external innovation paths from a dynamic perspective of the life cycle. When firms are in the growth stage, the higher the analyst attention, the more firms will significantly increase their internal R&D efforts and make active technology acquisitions; As firms enter maturity, analyst attention plays a role in promoting R&D investment and corporate venture capital activities; When enterprises are in the recession period, firms are more inclined to innovate independently under the influence of analyst attention. This bias is more significant in non-state enterprises and high-tech enterprises. Further study finds that the interaction between analyst attention and firms' innovation path under different life cycles effectively enhances innovation output.