Abstract: Using a sample size of 11,122 A-share listed companies from 2009 to 2020, this paper examines the impact of foreign ownership on the stock price crash risk. In this paper, the mediating role of corporate governance levels is investigated, and the moderating effect of media attention is also discussed. The results show that foreign ownership has a direct and significant inhibitory effect on the stock price crash risk, and can have an indirect impact on the stock price crash risk by affecting the corporate governance, while media attention plays a significant regulatory role in the direct interaction between foreign ownership and stock price crash risk. This study is expected to be a reference for Chinese enterprises to control the risk of stock price collapse and improve corporate governance.