This paper examines the influence of investor divergent opinions on the market’s risk-return tradeoff based on A-share stock market. The result shows that there is a strong positive tradeoff in low-divergence periods but little if any relation in high-divergence periods. Hence， investor divergent opinions attenuates the link between risk and expected return，resulting in time-varying risk aversion. To ensure the reliability of research conclusions above，we use three volatility models as well as two widely acknowledged proxies for investor divergent opinions，which are volume and analyst forecast dispersion. At last，the conclusion is proved to be robust across all the checks above. This paper contributes a lot to asset pricing studies based on investor divergent opinions，since our findings shows that the disagreement not only predicts return directly，but also return indirectly through its effects on risk premium，and what’s more，the latter one comes into play faster.