Conceptualizing green innovation in the new product development (NPD) context is still rudimentary. The primary objective of this study is to empirically investigate the association among green innovation, NPD success, and firm benefit. This study empirically investigated a sample of NPD projects in the Taiwanese high-tech industry. The structural equation modeling approach was used to validate the research model. In testing the moderation effect, a multiple-group analysis was used. The findings indicate that green innovation contributes significantly to NPD success and firm benefit. Specifically, green innovation has a positive effect on NPD success and then on firm benefit. The results also show that industry sector has a moderating effect on the relationship between green innovation and NPD success.