This paper studies the optimal strategy for entrepreneur and investors in equity crowdfunding． Based on the general procedure for equity crowdfunding，a three-step model is established to characterize the gam-bling behaviors between the entrepreneur and the investors． To maximize the expected utility of the enterprise and investors，three optimal problems are solved and the optimal strategy for each stage is given． The results indicate that when parameters satisfying certain condition，optimal strategies for the investors and entrepreneur exist，which are influenced by marginal revenue，the probability of project succeed，expected rate of return，etc．