Abstract: Consumption is a major issue in the field of economic research, and the continuous rise in real estate prices in recent years has made the value of real estate have a profound impact on residents' consumption. Related research is constantly expanding around the measurement of real estate value and residents' consumption, as well as the impact, mechanism, and heterogeneity of real estate value on residents' consumption. Starting from consumption theory, this article finds through reviewing relevant literature that: firstly, the asset effect and wealth effect generated by the impact of real estate value on residents' consumption have a significant promoting effect; Secondly, preventive savings and budget constraints are the main mechanisms that explain the impact of real estate value on household consumption; Thirdly, within the individual's life cycle, the elderly population has a strong motivation for preventive savings, and the likelihood of expecting to retire in the past and stimulate consumption is not high. In the future, we should deepen our research by clarifying the differences between the asset and wealth effects of property value on household consumption, exploring the asymmetry and changing patterns of wealth effects, and summarizing the development experience of the international real estate market.