Abstract:This paper builds an OLG model through which migrant workers pursue their maximum utility,and analyzes the influence of migrant workers’ income and risk preference factors on their participation in pension insurance under the equilibrium condition.Based on the survey data in 31 provinces and cities in China and the Bi-Probit model,the paper finds that the personal & family characteristics,income and land,working status and expectation have a profound effect on migrant workers’ participation in pension insurance.There is no remarkable connection between migrant workers’ participation in pension insurance and their income from farm work and other sources,but the Engel coefficient and non-income factors greatly affect their participation.Therefore,the policy implication is to raise the migrant workers’ income level,enhance their ability to pay,and make them feel the affluence of life,which could probably increase their participation in pension insurance.Meanwhile,to fortify their expectation to life and sense of security in case of uncertainty could help to elevate the participation rate.