For the traditional problem of “why some people can find entrepreneurial opportunities ignored by others,” this paper is based on entrepreneurial cognition theory and bricolage theory to investigate the role of entrepreneurial alertness on entrepreneurial opportunity identification, and to discuss the mediating role of entrepreneurial bricolage and the moderating role of entrepreneurial passion. The empirical analysis shows that entrepreneurial alertness positively affect entrepreneurial opportunities identification. Entrepreneurial bricolage positively affects entrepreneurial opportunities identification. Among them, selective bricolage promotes the effect more significantly. Both dimensions of entrepreneurial bricolage mediate between entrepreneurial alertness and entrepreneurial opportunities identification. Entrepreneurial passion positively moderates the relationship between entrepreneurial bricolage and entrepreneurial opportunities identification. The findings extend the theoretical research on topics related to entrepreneurial alertness, further enrich the research results on entrepreneurial opportunity identification paths, and provide a reference for the practice of entrepreneurial opportunity identification in new ventures.