The earnings volatility is one of the most important earnings time series characteristics. The use of fair value in accounting changes the earnings volatility significantly. The change has two opposite effects on investors, one is to disclose the operation risk in firm and provide incremental information, the other is to increase the information risk and improve the degree of information asymmetry. On the basis of the 12 years of data before and after the implementation of the new accounting standards, this paper makes a research on the impact of the fair value of earnings volatility on the investors’ net information content. The study shows that the use of fair value does result in the increase of earnings volatility, but there is no evidence of incremental accounting information resulting from the increase of earnings volatility based on fair value. It should be noted that the conclusion is only fit for the earning volatility information from the use of fair value, not generalized to the information content of fair value accounting.