With the introduction of habit formation，we develop a general consumption-based asset pricing model to capture the higher moments of the shocks in the capital markets． The calibration results show that our model can explain the risk premium puzzle and the risk-free rate puzzle with more flexible risk aversion coefficient，and can effectively reduce the sensitivity of the parameters selection problem for the rare disaster model． Also，habit formation factors can significantly improve the effect of asset prices higher moments of approximation，and weaken the influence of higher moments information ( more than four moments) on asset pricing． Finally，we check the applicability of the model in China’s financial market． The study find that disaster pricing model can also explain China’s equity premium，and that the habit formation factors can improve the model’s explanatory power for China’s financial market．