Collaborative consumption, often associated with the sharing economy, is an emerging consumption pattern that emphasizes sharing the right to use the same units of goods or services rather than owning them. This study proposed a more comprehensive definition of collaborative consumption and five distinctive characteristics of collaborative consumption, and based on that, it explored the internal mechanism of motivation about participation in collaborative consumption of users by applying self-determination theory. The empirical research was conducted using bicycle sharing users’ survey data to test the research model. Data were analyzed by structural equation model approach using partial least squares path modeling and multi-level regression model approach. The results reveal that, for extrinsic motivations, perceived economic benefit and convenience had significant positive effect on perceived usefulness, and perceived usefulness as a mediator significantly affected the user’s intention to participate. For intrinsic motivations, sustainability, sense of belonging and trust had significant positive effect on enjoyment, and enjoyment as a mediator significantly affected the intention to participate. The findings suggest the important role of perceived usefulness and enjoyment in self-determination theory. This paper offers recommendations for stakeholders based on model results to promote sustainable development of collaborative consumption.