Green credit is the key link between financial credit and environmental protection and it is a significant starting point for resource allocation. Based on the guidelines issued by the China Banking Regulatory Commission in 2012 as an exogenous shock, difference-in-difference (DID) is used to explore the impact of green credit policy on corporate risk-taking. First, reference regression shows that green credit weakens the risk-taking level of green credit-restricted enterprises, but the time lag of policy impact and the strategic response of enterprises make the inhibitory effect appear and increase after two years of policy promulgation. Secondly, the intermediary mechanism of financing constraints and investment punishment shows that financing constraints and investment expenditure have a masking effect between green credit policy and corporate risk-taking, which further weakens the level of corporate risk-taking. Thirdly, the moderating mechanism of information effect and environmental regulation effect shows that the impact of green credit policy is asymmetric.