With the fast development of digital technology, exploring the impacts of digital technology use on farmers’ entrepreneurial behaviors is of great significance for promoting farmers’ income growth and rural industry prosperity. Based on a data from the China Family Panel Studies and applying the theory of information effects and decision-making behaviors, this paper analyzed the impacts of digital technology use on farmers’ entrepreneurial behaviors and explored the mediating effects of subjective and objective risk preferences between digital technology use and farmers’ entrepreneurial behaviors by the Probit model and the mediation effect model. Results show that the proportion of farmers starting businesses in the sample area is 9.4%, and their entrepreneurial enthusiasm is not high. The proportion of farmers using digital technology is 44.6%, indicating a low level of utilization. While the subjective risk preferences exceeding its sample mean and the proportion of farmers holding financial products are 40.6% and 1.9%, respectively, indicating a lower level of risk preferences. The entrepreneurship rate of farmers who use digital technology is 8.8% higher than that of those who do not use digital technology. In contrast, the entrepreneurship rates of farmers with higher subjective and objective risk preferences are 4.0% and 10.1% higher than that of those farmers with lower subjective and objective risk preferences, respectively. This paper also finds that the use of digital technology has significantly increased the probability and intensity of entrepreneurship among farmers, and farmers with low education, marriage, participation in loans, high social spending, and location in the eastern region are more inclined to start businesses when using digital technology. While the intensity (duration) and depth (learning, social, and business activities) of digital technology use can significantly promote rural entrepreneurship. In addition, the subjective and objective risk preferences play a partial mediating role in the impacts of digital technology use on increasing the probability of rural entrepreneurship. Therefore, the government should accelerate the improvement of rural information infrastructure construction, actively carry out training on rural Internet entrepreneurship skills and awareness, create a good entrepreneurial environment, and promote farmers’ entrepreneurship.