Based on the sample of Shanghai and Shenzhen Ashare listed companies from 2015 to 2021, this paper empirically tests the impact of ESG rating divergence on the stock price crash risk. Our study finds that ESG rating divergence can significantly reduce the companys future stock price crash risk, supporting the “information effect” rather than the “noise effect”. The mechanism test finds that when the company’s information transparency is lower, the “information effect” is stronger, indicating that ESG rating divergence reduces the stock price crash risk through transmitting multidimensional information. In addition, ESG rating divergence can stimulate investors subjective initiative. Investors will conduct active information search, and the number of searches for listed companies and questions on online interactive platforms will increase significantly. The heterogeneity results show that the “information effect” of ESG rating divergence has boundary conditions. When investors information ability is stronger, ESG rating divergence can effectively reduce the stock price crash risk.