How to motivate executives to undertake corporate social responsibility has always been a hot topic in academic research. This paper uses the data of Chinese A-share listed companies to empirically test the relationship between executive equity incentives and corporate social responsibility. The results show that executive equity incentives can promote corporate social responsibility, which is manifested as higher corporate social responsibility scores for the sample implementing equity incentives. In the sample with higher annual policy uncertainty content, executive equity incentives have a more obvious role in promoting corporate social responsibility; In the sample with a higher degree of regional marketization, executive equity incentives have a more obvious inhibitory effect on corporate social responsibility. The mechanism test shows that executive equity incentives have a positive impact on corporate social responsibility mainly by incentivizing risk taking and easing financing constraints. In the sample with higher risk avoidance tendency and the sample with more serious financing constraints, the positive correlation between equity incentives and corporate social responsibility scores is more significant. The economic consequences test shows that the higher the social responsibility score of the implemented equity incentive enterprises, the better the financial performance and market performance of the enterprise. The above research conclusions have certain implications for enriching the theory of equity incentives and expanding the theory of corporate social responsibility in the context of China.