Based on the theory of strategic management, this paper studies the influence of competitive strategy on management earnings forecasting strategy. The results show that companies adopting differentiated strategies are more likely to voluntarily disclose earnings forecast information, but the forecast deviation is larger, and they are more inclined to disclose pessimistic news. The mechanism test shows that business risk plays an intermediary role in the impact of differentiation strategy on earnings forecast. Further study found that in the samples of state-owned enterprises and strong financialization degree, the relationship between differentiated competitive strategy and earnings forecast deviation was significantly weakened.