Customer-based brand equity is the brand attitudes and behaviors of consumers,and reference group has significant influence on brand attitudes and behaviors,so this study built theoretical model for relationships of the reference group and brand equity.The study shows that informational function and value-expressive function of reference group have positive effect on brand equity,but utilitarian function on the brand equity is not significant.The mediating effect shows that perceived risk has partial mediating effect on the reference group function and brand equity.This conclusion has important significance for the brand management,and provides a theoretical basis for brand communication strategy.