Using the data from Shanghai and Shenzhen A-share listed companies from 2012 to 2016, this study empirically investigates the impact of corporate social responsibility on firm value and discusses the moderating effects of organizational inertia and the sensitivity of industry from the perspective of organization and industry. The findings indicate that the influence of CSR on firm value is significantly positive. Moreover, firm size weakens the facilitating effect of CSR on firm value; industry sensitivity negatively moderates the process of enhancing firm value by taking corporate social responsibility.