Abstract This paper first uses the entropy method to construct the index of high-quality economic development level, and then systematically examines the effects of population aging and digital economy on it by using panel model, spatial Durbin model and regulatory effect model on the basis of theoretical analysis. The study finds that population aging can reduce the level of high-quality development of the local economy, and hinder the improvement of the high-quality development level of the surrounding regional economy through spatial spillover effects. Digital economy can not only significantly improve the level of high-quality economic development, but also improve the high-quality economic development level of the surrounding areas through spatial spillover effect. Sub-regional research shows that the direct effect of population aging on high-quality economic development decreases in the order of western, central, northeastern, and eastern regions, and the spatial spillover effect of population aging is not significant in the western region. The direct effect of digital economy on high-quality economic development decreases in the order of eastern, central, northeastern, and western regions, and the spatial spillover effect of the digital economy is not significant in the western region. The test of regulatory effect shows that digital economy can weaken the adverse impact of population aging on high-quality economic development.