The digitalization and green transformation of Chinese power companies are crucial for achieving sustainable development. However, the deep-level impact mechanisms of digitalization on low-carbon transition remain underexplored, especially under the “Dual Carbon” strategy. This study constructs a theoretical model based on the Technology-Organization-Environment (TOE) and Resource Orchestration theories. Using survey data from 371 managers, we employ Partial Least Squares Structural Equation Modeling (PLS-SEM) and Fuzzy-set Qualitative Comparative Analysis (fsQCA) to examine the driving factors and pathways of digitalization’s impact on low-carbon transition. The research findings indicate that: (1) Seven categories of resources significantly impact the green and low-carbon transition; (2) Further analysis reveals that the application degree of green low-carbon technologies, relative advantage, green low-carbon transition strategy, and top leadership support serve as mediating resources in digitalization promoting the green low-carbon transition of power companies, with top leadership support being the critical element; (3) Power companies can successfully achieve a green low-carbon transition through three “internal resource-driven” pathways, whereas the lack of policy support is the most critical external factor leading to the failure of the green transition. The findings enhance theoretical research and offer practical insights for policymakers and the power industry on low-carbon transition strategies.