Taking A-share listed companies from 2008 to 2020 as samples, this paper examines the influence of positive sentiment dissemination through multi-source media on strategic patent behavior of companies. The findings are that the dissemination of positive sentiment through multi-source media has a positive impact on strategic patent behavior of companies through the mechanisms of management catering and management defense. Further research shows that the separation of controlling shareholders’ control has strengthened the catering effect of management, and the new regulations for reducing holdings by China Securities Regulatory Commission has not weakened the defensive effect of management. The strategic patent behavior of companies caused by the dissemination of positive sentiment through multi-source media has led to a decline in product competitiveness and competitive position of companies.