With the spread of COVID-19, online shopping continues to boom. The era of offline sales by face-to-face contact is coming to an end, and the non-face-to-face online economy is becoming common. In a situation where the characteristics of online live commerce Wanghong affect purchase intention, this study predicted that consumers' subjective product knowledge will affect as a moderating variable in the perception stage of value and risk, which is the previous stage of purchase intention. In this study, the characteristics of live commerce Wanghong were classified into four categories: Expertise, attractiveness, entertainment, and interaction. As a result of the analysis of this study, consumers' subjective product knowledge played a role in controlling the effect of the characteristics of live commerce Wanghong (expertise, attractiveness, entertainment, and interaction) on perceived value. It was found that consumers who perceived that they knew more about the expertise, attractiveness, entertainment, and interaction of live commerce Wanghong perceived the value of live commerce Wanghong as low. However, on the other hand, it was found that consumers who know less about live commerce Wanghong perceived the value of live commerce Wanghong higher. This pattern was the same in perceived risk. Those who knew a lot about live commerce Wanghong had a low perceived risk and a high perceived risk from those who knew less.