Against the backdrop of the "Mass Entrepreneurship and Innovation" strategy, the problem of a low entrepreneurial rate among college students has become increasingly prominent. This study aims to clarify the influence mechanism of innovation literacy and risk perception on college students" entrepreneurial intention, and simultaneously analyze the mediating role, masking effect, and moderating role of the entrepreneurial atmosphere in innovation and entrepreneurship education. Taking students from Shihezi University as research subjects, the researchers designed a five-point Likert scale questionnaire and distributed 400 copies. Data were analyzed using methods including reliability and validity analyses, structural equation modeling, and Bootstrap testing. The results show that innovation literacy has a significant positive impact on both college students" entrepreneurial intention and their innovation and entrepreneurship education. Risk perception exerts a significant negative influence on entrepreneurial intention but a significant positive influence on college students" innovation and entrepreneurship education. Innovation and entrepreneurship education mediates the relationship between innovation literacy and entrepreneurial intention while moderating the relationship between risk perception and entrepreneurial intention. Entrepreneurial climate exerts a positive moderating effect on the relationship between innovation and entrepreneurship education and entrepreneurial intention.This study reveals the underlying logic of college students" entrepreneurial intentions. Based on these findings, suggestions are proposed, such as enhancing college students" innovation literacy, adopting a two-way response to risk perception, strengthening the functional role of innovation and entrepreneurship education, and constructing a collaborative entrepreneurial atmosphere. These suggestions provide valuable references for optimizing college entrepreneurship education and formulating government supportive policies.