Abstract: This study adopted the viewpoint of consumer's perception, designed an experiment to test the impact of corporate philanthropy on brand equity, and tested the impact and the mechanism by dependent T test and SEM model. The empirical study shows that: 1. Dependent T test finds corporate philanthropy has significant impact on perceived quality and brand image, and it has no significant impact on brand loyalty at 0.05 significance level; 2. SEM model test finds that corporate philanthropy has significant impact on perceived quality and brand image directly, and the impact is also exerted by corporate reputation and risk perception indirectly. Therefore, corporate reputation and risk perception are the intermediary variables of the impact of corporate philanthropy on brand equity.