Based on the data of China Household Finance Survey (CHFS), this paper uses Probit and Tobit models to explain the impact of education level of the head of household on the selection of risky financial assets, and analyzes the mediating effect and moderating effect of internal transmission mechanism. The results show that the education level of the head of household has a positive impact on the participation and holding proportion of risky financial assets, and such impact varies from regions to urban and rural areas. In addition, risk attitude and family income have an intermediary and moderating effect on the educational level of the head of household. The findings yielded in this study may have implications for further optimizing the allocation of household financial assets.