Abstract: According to the trust-based consumer decision-making model and novelty seeking theory, this paper constructs a regulated mediation model, and analyzes empirically the influence mechanism of consumer sustainable perception on willingness to share and participate, and the boundary conditions of consumer trust mediation. Upon sample data collected by questionnaires and empirical analysis with structural equation model, the research obtains the following conclusions: perceptions of economic sustainability and social sustainability, and consumer trust are the key factors affecting consumers' willingness to share and participate, and have a direct impact on their willingness to share and participate. Consumer novelty search will weaken the intermediary role of consumer trust, but the importance of consumer trust in the sharing economy gets further confirmation. These findings reveal a complex mechanism that the sustainability of sharing economy affects consumers' willingness to share and participate, and thereby provides theoretical and practical enlightenment for sharing economy platform enterprises to implement sustainable development strategies and differentiated marketing policies.