: The Internet of Things technology (IoT) in food traceability provides new ideas to solve the problem of smart production and offers new ideas for the formation of safe and high-quality markets for meat products. However, scholars have studied the combination of blockchain and IoT technology. There is a lack of research on the combination of IoT and food traceability technology. Moreover, previous studies focused on the application of IoT traceability technology, taking farmers’ adoption willingness as an exogenous variable while ignoring its endogeneity. Therefore, it is essential to study farmers’ willingness to adopt IoT traceability technology and find the factors that influence farmers’ adoption intention. Based on survey data from 264 pig farmers in Shaanxi Province, this paper discussed the factors which influence pig farmers’ adoption of the technology by using the Unified Theory of Acceptance and Use of Technology (UTAUT). The results showed that farmers’ adoption intention was influenced by a combination of farmers’ performance expectancy, effort expectancy, social influence, personal innovation, and perceived risk. Personal innovation played a mediating role in effort expectancy and adoption willingness and perceived risk played a moderating role in personal innovation and adoption willingness.