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Comprehensively considering the factors of environmental pollution, financial development and spillover effects, this paper analyzes the spatial dependence and clustering characteristics by selecting provincial panel data from 2005 to 2018. Meanwhile, considering geographic distance, economic distance and asymmetric factors, the optimal spatial econometric models are determined by constructing five different weight matrices and utilizing spatial panel models. The results show that (1) there existed significant positive correlation in the regional economic development and the spatial dependence played a significant role in promoting the economic development; (2) the direction and significance of spatial spillover effects were consistent under different spatial weights, and the spatial weight which considered geographical distance, economic distance and asymmetric factors proved to be the best; (3) the environmental pollution had a significant positive correlation with economic growth; (4) financial development had some positive effects on economic growth; (5) financial development was conducive to reducing the impact of environmental pollution on economic growth, and the promotion of environmental quality could strengthen the role of financial development in promoting economic growth; (6) from the perspective of regional heterogeneity, the cross terms of environmental pollution and financial development were not significant in the eastern region, but significantly negative in the central and western regions.