This paper aims to introduce the endogenous consumption risks into the theoretical asset pricing model. We first study the risk of consumption fluctuations in preferences based on empirical evidence. The CFPS data of China shows that: The more risk averse the group is, the less willing it is to take the risk of consumption fluctuations. The degree of risk aversion is positively determining short-run consumption risk. (2) Time preference and elasticity intertemporal substitution positively determine the long-run consumption risk. Subsequently, we incorporate empirical evidence into the standard LRR model of Bansal and Yaron (2004). Our theoretical model fits the real data well under the condition of reasonable parameter values (subjective discount factor ?=0.9975, intertemporal of substitution elasticity ψ=0.1526, relative risk aversion γ=2.3045). In the same combination of parameters, the risk premium simulated by the standard LRR model is much lower than the real data, and the "The puzzle of equity premium" appears. In the standard long-run risk model, this paper treats consumption risk endogenously as a function of preference rather than an exogenous process, which explains China's consumption and asset prices well.