Focusing on the impact and mechanism of interlocking director network embeddedness on corporate debt financing, this study uses data of Chinese listed companies from 2012 to 2021 to conduct an empirical study to explain why existing studies have mutually exclusive conclusions on “how interlocking director network embeddedness affects corporate debt financing”, and demonstrates the empowering effect of digital transformation. The results show that enterprises embedded in the central position and structural holes of the interlocking director network can optimize their debt financing. With the deepening of digital transformation, enterprises embedded in central locations can fully optimize debt financing. Digital transformation will consolidate the positive impact of enterprises embedded in structural hole on their debt, but will not adjust its negative impact on excessive debt. In the heterogeneity test, it is found that enterprises occupy the central position of interlocking director network embedding and structural holes respectively, driven by their needs for supervision and control and heterogeneous resource acquisition.