When the market environment is not good and the uncertainty increases, the fund has flight to safe investment. The reputation capital formed by enterprises active social responsibility has the function of “Class Insurance ”, which can prevent the stock price from falling sharply and the market value from losing in the face of negative events or uncertain environment impact. Will the fund transfer the investment portfolio to the stock with higher social responsibility performance for safety investment when the market environment is not good? Using the open end fund samples from 2010 to 2017, this paper empirically tests the relationship among corporate social responsibility, market environment and flight to quality. It is found that when the market environment is not good, the demand for risk aversion of funds increases, and the investment portfolio tends to shift to the stocks with high social responsibility performance for flight to quality; further research shows that the characteristics of funds and fund managers, such as fund flow, performance and fund management skill, affect the flight to quality behavior of funds. For fund with less net cash inflow, poor historical performance, and managed by less skilled manager, the greater the degree of flight to quality through social responsibility. It is also found that the safe investment transfer behavior of the fund has a positive impact on the fund performance and fund income volatility.