Based on a regional survey conducted in five cities of China (Beijing, Shanghai, Guangzhou, Chengdu, and Wuhan) in January 2020 and a national survey experiment conducted in 31 provinces of China in December 2020 during the COVID-19 pandemic, we investigated the intentions for the misinformed, uninformed, and informed individuals to spread COVID-19 related (mis)information online and the psychological factors affecting their distinct sharing behaviors. We found that (1) both misinformed and uninformed individuals were more likely to spread misinformation and less likely to share fact as compared with the informed ones; (2) the reasons for the misinformed individuals to spread misinformation resembled those for the informed ones to share truth, but the uninformed ones shared misinformation based on different motivations; and (3) information that arouses positive emotions were more likely to go viral than that arouses negative feelings in the context of COVID-19, regardless of facticity. The implications of these findings were discussed in terms of how people react to misinformation when coping with risk, and intervention strategies were proposed to combat COVID-19 or other types of misinformation in risk scenarios.