This study experimentally explored the effects of equivalence ratio settings on ethanol fuel combustion oscillations with a laboratory-scale combustor. A contrary flame equivalence ratio adjusting trend was selected to investigate the dynamic characteristics of an ethanol atomization burner. Research findings denote that optimizing the equivalence ratio settings can prevent the occurrence of combustion instability in ethanol burners. In the combustion chamber, the sound pressure amplitude increased from 138 Pa to 171 Pa and eventually dropped to 38 Pa, as the equivalence ratio increased from 0.45 to 0.90. However, the sound pressure amplitude increased from 35 Pa to 199 Pa and eventually dropped to 162 Pa, as the equivalence ratio decreased from 0.90 to 0.45. The oscillation frequency of the ethanol atomization burner presents a migration characteristic; this is mainly due to thermal effects associated with changes in the equivalence ratio that increase/decrease the speed of sound in burnt gases, leading to increased/decreased oscillation frequencies. The trend of the change in flame heat release rate is basically like that of sound pressure, but the time-series signal of the flame heat release rate is different from that of sound pressure. It can be concluded that the reversible change in equivalence ratio will bring significant changes to the amplitude of combustion oscillations. At the same time, the macroscopic morphology of the flame will also undergo significant changes. The flame front length decreased from 25 cm to 18 cm, and the flame frontal angle increased from 23 to 42 degrees when the equivalence ratio increased. A strange phenomenon has been observed, which is that there is also sound pressure fluctuation inside the atomized air pipeline, and it presents a special square waveform. This study explored the equivalence ratio adjusting trends on ethanol combustion instability, which will provide the theoretical basis for the design of ethanol atomization burners.