Using newly available form factors obtained from light-cone QCD sum rules in full theory, we study the flavor-changing neutral current transition of b → μ + μ − decay in the family non-universal Z model. In particular, we evaluate the differential branching ratio and forward-backward asymmetry, as well as some related asymmetry parameters and polarizations. We compare the obtained results with predictions of the standard model and discuss the sensitivity of the observables under consideration to the family non-universal Z gauge boson. The order of the differential branching ratio shows that this decay mode can be checked at the LHC in the near future.