With the continuous digitization and mobilization of financial information in the mobile Internet environment，the media attributes of financial information service are enhancing. The media provides a large amount of financial information to investors in the market through news reports. As an important information source for investors，these rich but uneven financial information will have an impact on investment behavior. From the perspective of behavioral finance，this chapter analyzes the impact of financial information on asset price by removing the hypothesis of “rational economic man”. Taking the securities market as an object，it analyzes and constructs the influencing mechanism of financial information→investor sentiment→investor behavior→security price，discusses the process in which financial information can influence investor psychology first，then affect investor behavior and decision-making，and ultimately affect the securities price.