In the era of complex information, higher level of information literacy can better help farmers avoid risks and make reasonable decisions. Therefore, whether a higher level of information literacy can guide farmers to adopt environmentally friendly behaviors is an interesting and meaningful topic. Based on a micro survey data of Heilongjiang Province, this study explored the influences and mechanisms of information literacy on farmers’ rice fertilizer application by the OLS model, the intermediary effect model, and the regulatory effect model. Results show that: 1) farmers’ information literacy level has a significant negative effect on farmers’ rice fertilizer application intensity;2) farmers’ information literacy can significantly reduce rice fertilizer application intensity by improving farmers’ perception of economic benefit and ecological benefit; and 3) risk preference significantly moderates the effect of information literacy on rice fertilizer application, and strengthens the negative effect of information literacy on rice fertilizer application intensity. Therefore, this paper suggests: perfecting the information literacy cultivation system, building a smooth information transmission mechanism, and producing a marked effect of the leading role of typical cases.