Based on the survey of entrepreneurs' religious beliefs, it explores the effect of entrepreneurs' religious beliefs on firm investment activities. It comes to the conclusions as follows:firstly, compared with R&D investment, the entrepreneurs who have religious beliefs prefer relationship-based investment with relatively less risks; secondly, different types of religious beliefs have different effects on investment preferences, and compared with the entrepreneurs who believe in western religion, the entrepreneurs who believe in eastern religion are more likely to invest relationship-based items; thirdly, the influences of entrepreneurs' religious beliefs on investment preferences vary somewhat with entrepreneurs' political identity. Specifically speaking, compared with the entrepreneurs who have political identity, religious beliefs have more significantly positive impact on relationship-based investment if the entrepreneurs do not have political identity. It suggests that political identity may weaken the influence of religious beliefs on relationship-based investment.