Bike-sharing is widely recognized as an eco-friendly mode of transportation and seen as one of the solutions to the problem of air pollution and congestion. With the emphasis on sustainability in transportation, bike-sharing systems is an emerging topic of urban transport and sustainable mobility related research. Existing studies mainly explored the factors affecting individuals’ initial intentions to start using a shared bicycle, but few looked at the likelihood that a user would continue using one This study proposed a structural equation model with bike-sharing purchase decision involvement as independent variable, bike-sharing willingness to use as dependent variable, traveler participation and traveler perceived value as intermediary variables by introducing the concepts of purchase decision involvement, customer participation and perceived value in consumer psychology and behavior. A survey on bike-sharing users in Xi’an was conducted online and offline, and 622 effective responses were collected. The research model was tested by Amos 24.0 and the empirical results showed that All influencing factors including bike-sharing’s purchase decision-making involvement, traveler participation and traveler’s perceived value are found to be significantly and positively associated with usage intention; traveler perceived value play a chain-mediating role between bike-sharing purchase decision involvement and usage intention; bike-sharing purchase decision involvement have indirect effects on traveler perceived value through traveler participation. The results of this study enrich the current research’s in the field of sharing economy, and it is certain guiding significant for how to obtain and maintain stable customers in bicycle-sharing industry.