Based on the sample data of A-share listed companies in Shanghai and Shenzhen stock markets from 2009 to 2022, the multi-time point difference-in-difference method is used to explore the impact of ESG information disclosure on the risk of stock price volatility. Through empirical research, it is found that ESG information disclosure inhibits the risk of stock price fluctuation, which is still valid after a series of robustness tests. The results of the mechanism test show that ESG disclosure mainly suppresses stock price volatility by reducing institutional investor cohesion. Further analysis shows that external media attention strengthens the risk reduction effect of ESG information disclosure. The heterogeneity test shows that ESG disclosure has a stronger inhibitory effect on stock price volatility risk in specific industries such as manufacturing, high quality of information disclosure, and enterprises in the central and eastern regions. This study provides a new perspective for exploring the economic consequences of ESG information disclosure in theory, and provides some empirical evidence for the development and stability of capital market and risk prevention in practice.