Abstract: Using the data of China Family Panel Studies, this paper analyzes the effect and influence about the method of Chinese resident achieving risk sharing and consumption smoothing. The evidences suggest that the residents on some degree achieve consumption smoothing through risk sharing. The study indicates that the employment and health of household can promote the risk sharing of household consumption and the family size restrains the risk sharing of household consumption. The degree of family risk sharing with urban household registration is higher than that of rural household registration. The degree of family risk sharing in the developed eastern provinces is higher than that in the central and western regions. Furthermore, with the increase of consumption expenditure, the level of consumption smoothing of residents is higher. Employment and health status and family size of household heads have significant risk-sharing effects on households with lower consumption expenditure. Therefore, in order to promote China to achieve a well-off society in an all-round way and improve the consumption ability and smoothness, we should promote the balanced development between the urban and rural areas and between regions, implement the accurate poverty alleviation, improve the social security system, broaden employment channels, enhance the employment rate and improve the health of residents.